....................is usually developed once but is modified from time to time to meet business needs as required.

Standing Plan

The correct answer is option 1- Standing Plan.

Standing Plan is usually developed once but is modified from time to time to meet business needs as required.

A standing plan is used for activities that occur regularly over a period of time. It is designed to ensure that internal operations of an organisation run smoothly. Such a plan greatly enhances efficiency in routine decision‑making. It is usually developed once but is modified from time to time to meet business needs as required. Standing plans include policies, procedures, methods and rules.

OTHER OPTIONS

• A single-use plan is developed for a one-time event or project. Such a course of action is not likely to be repeated in future, i.e., they are for non-recurring situations. These plans include budgets, programmes and projects.

• Short-Term Plan: A plan that focuses on immediate goals, typically lasting up to one year.

• Strategic plans- A long-term plan that sets the overall direction of the organization to achieve the vision and mission over 3 to 5 years or more.