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in Business Studies by (53.6k points)

Explain any two types of plans.

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Types of plans: 

1. Single-use plans: 

A single-use plan is developed for a one-time event or project. The examples are

1. Budgets 

2. Programmes 

3. Projects 

2. Standing Plans:

A standing plan is used for activities that occur regularly over a period of time. The examples are

1. Policies 

2. Procedures 

3. Methods 

4. Rules 

1. Policy:

1. Policies are general statements that guide thinking. 

2. Policies provide a basis for interpreting strategy. 

3. Policy is a guide to managerial action and decision in the implementation of strategy. 

4. Strategies are formulated by the top management.

Formulation of strategy involves the following aspects: 

1. Determination of the long term objectives 

2. Adopting a course of action to achieve the objectives and 

3. Allocating resources necessary to achieve the objectives. 

2. Procedure:

1. Procedures are routine steps on how to carry out activities.  They detail the exact manner in which any work is to be performed.

2. Procedures are the guidelines to action and they are usually intended to the works which are repetitive in nature. 

3. Examples of procedure include procedure for execution of the customer’s order for supply of goods and procedure for recruitment of employees in an organisation.

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