Two years ago Mayank obtained degree in food technology. For some time

1.	Two years ago Mayank obtained degree in food technology. For some time he worked in a company manufacturing Bread and Biscuits. He was not happy in the company and decided to have his own Bread and Biscuits manufacturing unit. For this he decided the objectives and the targets and formulated action plan to achieve the same. One of his objectives was to earn 50% profit on the amount invested in the first year. It was decided that raw materials like flour, sugar, salt etc. will be purchased on two months credit. He also decided to follow the steps required for marketing the products through his own outlets. He appointed Harsh as a Production-Manager who decided the exact manner in which the production activities are to carry out. Harsh also prepared a statement showing the requirement of workers in the factory throughout the year. Mayank informed Harsh about his sales target for different products, areawise for the forth coming quarter. While working on the production table a penalty of ₹ 150 per day was announced for not wearing the helmet, gloves and apron by the workers.Quoting lines from the above para identify and explain the different types of plans discussed.
Answer» Different type of plans discussed in the above part are: i. Objective: “one of his objective was to earn 50% profit on the amount invested in the first year.” • Objective refers to those end points for the attainment of which all the activities are undertaken. ii. Policy: “It was decided that raw materials like flour, sugar, salt etc. will be purchased on two months credit.” • Policy refers to those general statements which are decided for the guidance of the employees while taking decisions. iii. Procedure: “He also decided to follow the steps required for marketing the products through his own outlets.” OR “He appointed Harsh as a Production Manager who decided the exact manner in which the production activities are to be carried out.” • Procedure refers to the plan that determine the sequence of activities to be conducted to perform a work. iv. Budget: “Harsh also prepared a statement showing the requirement of workers in the factory throughout the year.” OR “Mayank informed Harsh about his sales target for different products, areawise for the forth coming quarter.” • Budget refers to the quantitative expression of the plan of action. v. Rule: “While working on the production table a penalty of ₹ 150 per day was announced for not wearing the helmet, gloves and apron by the workers.” • Rule refers to the plan that tells us what is to be done and what is not to be done in a particular situation.

Two years ago Mayank obtained degree in food technology. For some time he worked in a company manufacturing Bread and Biscuits. He was not happy in the company and decided to have his own Bread and Biscuits manufacturing unit. For this he decided the objectives and the targets and formulated action plan to achieve the same. One of his objectives was to earn 50% profit on the amount invested in the first year. It was decided that raw materials like flour, sugar, salt etc. will be purchased on two months credit. He also decided to follow the steps required for marketing the products through his own outlets. He appointed Harsh as a Production-Manager who decided the exact manner in which the production activities are to carry out. Harsh also prepared a statement showing the requirement of workers in the factory throughout the year. Mayank informed Harsh about his sales target for different products, areawise for the forth coming quarter. While working on the production table a penalty of ₹ 150 per day was announced for not wearing the helmet, gloves and apron by the workers.Quoting lines from the above para identify and explain the different types of plans discussed.

Answer»

Different type of plans discussed in the above part are:

i. Objective: “one of his objective was to earn 50% profit on the amount invested in the first year.”

• Objective refers to those end points for the attainment of which all the activities are undertaken.

ii. Policy: “It was decided that raw materials like flour, sugar, salt etc. will be purchased on two months credit.”

• Policy refers to those general statements which are decided for the guidance of the employees while taking decisions.

iii. Procedure: “He also decided to follow the steps required for marketing the products through his own outlets.”

“He appointed Harsh as a Production Manager who decided the exact manner in which the production activities are to be carried out.”

• Procedure refers to the plan that determine the sequence of activities to be conducted to perform a work.

iv. Budget: “Harsh also prepared a statement showing the requirement of workers in the factory throughout the year.”

“Mayank informed Harsh about his sales target for different products, areawise for the forth coming quarter.”

• Budget refers to the quantitative expression of the plan of action.

v. Rule: “While working on the production table a penalty of ₹ 150 per day was announced for not wearing the helmet, gloves and apron by the workers.”

• Rule refers to the plan that tells us what is to be done and what is not to be done in a particular situation.

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