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Briefly explain the following terms with regard to the planning process: 

(a) Objectives 

(b) Strategy 

(c) Policy 

(d) Rule

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(a) Objectives : The first step in planning is setting objectives. Objectives are the desired future position of the business. They are basic to the organisation and they are defined as ends that the management seeks to achieve through its operations. Therefore, an objective simply stated is what you would like to achieve, i.e., the end result of activities.

(b) Strategy : A strategy provides the broad contours of an organisation’s business. It will also refer to future decisions defining the organisation's direction and scope in the long run. Thus, we can say a strategy is a comprehensive plan for accomplishing an organisation's objectives.

(c) Policy : Policies are general statements that guide thinking or channelise energies towards a particular direction. Policies provide a basis for interpreting strategy which is usually stated in general terms They are guides to managerial action and decisions in the implementation of the strategy.

(d) Rule : Rules are specific statements that inform what is to be done. They do not allow for any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. They are usually the simplest type of plan because there is no compromise or change unless a policy decision is taken.

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