The correct answer is option 2- A-III, B-IV, C-II, D-I.
List I
(Type of Plan) |
List II
(Meaning) |
| A. Objectives |
III. Ends that the management seeks to achieve |
| B. Policy |
IV. Provides a basis for interpreting the strategy |
| C. Strategy |
II. Broad contours of an organization's business |
| D. Rule |
I. Specific statements that inform what is to be done |
(A) Objectives- (III) Ends that the management seeks 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) Policy- (IV) Provides a basis for interpreting the strategy.
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.
(C) Strategies- (II) Broad contours of an organization'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.
(D) Rule- (I) Specific statements that inform what is to be done.
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. | 
