Question

Explain the following types of plans:
(b) Strategy

(ii) Method

(iii) Budget

Hint:

A strategy is a long-term plan, methods are the approaches to tasks, and a budget is the financial roadmap for resource allocation.

Answer 1

(i) Strategy: A strategy is an overarching plan to achieve organizational goals, defining long-term aims, a course of action, and resource distribution.
(ii) Method: Methods are standardized procedures for completing tasks to meet objectives, ensuring consistent and effective implementation.
(iii) Budget: A budget quantifies expected outcomes, functioning as a financial framework for resource allocation.