Name the type of plan which serves as guide for overall business planning and defines the end result which organisation strives to achieve. Also give difference between this plan and policy.

Name the type of plan which serves as guide for overall business plann

1.	Name the type of plan which serves as guide for overall business planning and defines the end result which organisation strives to achieve. Also give difference between this plan and policy.
Answer» Correct Answer - Objective Objective is the type of plan which serves as guide for overall business planning and defines the end result which organisation strives to achieve. Difference between policy and objective `(a)` Nature:Objectives are the ends towards which all activities of the enterprise are directed. Policies are guidelines which facilitate the achievement of predetermined objectives. `(b)` Technique:Objectives determine what is to be done. But policies determine how the work is to be done. `(c)` Prescription:Objectives prescribe the end point of planning while policies prescribe the mode and manner in which the objectives are to be accomplished. `(d)` Level:Objectives are determined by the owner or top level of management whereas policy is determined at all levels.