Name the type of plan representing the future decisions, defining the organisations direction and scope in long run.

Strategy

The correct answer is option (1) : Strategy

The type of plan that represents future decisions, defines the organization's direction and scope in the long run is:

Strategy

• A strategy is a high-level plan that outlines an organization's long-term goals and objectives and the actions required to achieve them. It provides a roadmap for how the organization will position itself in the future and make decisions to fulfill its mission and vision.

Policy:

• A policy is a set of guidelines, principles, or rules that provide a framework for decision-making and action within an organization. Policies are often broad in scope and set boundaries for specific areas of operation.They help in establishing consistent behavior, ensuring compliance with regulations, and guiding employees in their actions. Policies can be both short-term and long-term, but they may not provide the same strategic direction as a full-fledged strategy.

Procedure:

• A procedure is a set of step-by-step instructions or methods that outline how specific tasks or processes are to be carried out within an organization. Procedures are typically more detailed and specific than policies and are often used to standardize processes, ensure consistency, and improve efficiency. Procedures are essential for the day-to-day operations of an organization and may not always represent long-term strategic direction.

Objective

• An objective is a specific, measurable, and time-bound goal that an organization sets to achieve. Objectives are a part of the broader strategic planning process and represent the desired outcomes an organization aims to reach. While objectives are essential for long-term planning, they are not plans themselves but rather the
desired results that plans, including strategies, are designed to achieve.