The correct answer is option 2- A-I, B-III, C-II, D-IV.
List I
(Type of Plan) |
List II
(Aspect of Plan)
|
| A. Objectives |
I. The desired future position that the management would like to achieve |
| B. Strategy |
III. The broad contours of an organisation's business |
| C. Policy |
II. The general statement that guides thinking |
| D. Procedures |
IV. Routine steps on how to carry out activities |
(A) Objectives- (I) The desired future position that the management would like to achieve.
Objectives can be said to be the desired future position that the management would like to reach. Objectives are very basic to the organisation and they are defined as ends which the management seeks to achieve by its operations. Therefore, an objective simply stated is what you would like to achieve, i.e., the end result of activities.
(B) Strategy- (III) The broad contours of an organisation's business.
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. Whenever a strategy is formulated, the business environment needs to be taken into consideration. The changes in the economic, political, social, legal and technological environment will affect an organisation’s strategy.
(C) Policy- (II) The general statement that guides thinking.
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.
(D) Procedures- (IV) Routine steps on how to carry out activities.
Procedures are routine steps on how to carry out activities. They detail the exact manner in which any work is to be performed. They are specified in a chronological order. For example, there may be a procedure for requisitioning supplies before production. Procedures are specified steps to be followed in particular circumstances. They are generally meant for insiders to follow. | 
