The correct answer is option 1- (A), (B) and (C) only.
Besides vision, all are types of plan.
Vision refers to a clear and inspirational long-term desired change resulting from an organization or individual's efforts.
OTHER OPTIONS
- 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 plans because there is no compromise or change unless a policy decision is taken. Rule have no flexibility so they prescribed about the do or don't in the company. Rules may come with consequences or penalties for non-compliance.
- 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 strategy. Policies can be flexible as they can be adaptable according to situations.
- Strategy provides the broad contours of an organisation’s business. It will also refer to future decisions defining the organisations direction and scope in the long run. Thus, we can say a strategy is a comprehensive plan for accomplishing an organisation objectives. This comprehensive plan will include three dimensions-
(i) determining long-term objectives,
(ii) adopting a particular course of action, and
(iii) allocating resources necessary to achieve the objective.
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