Two years ago Mayank obtained degree in food technology. For some time he worked in a company manufacturing bread and biscuits. He was not happy in the company and decided to have his own bread and biscuits manufacturing unit. For this he decided the objectives and the targets and formulated action plan to achieve the same. One of his objective was to earn 50% profit on the amount invested in the first year.It was decided that raw materials like flour sugar, salt, etc will be purchased on two months credit. He also decided to follow the steps required for marketing the products through his own outlets He appointed Harsh as a Production Manager who decided the exact manner in which the production activities are to be carried out. Harsh also prepared a statement showing the requirement of workers in the factory throughout the year. Mayank informed Harsh about his sales target for different products areawise for the forthcoming quarter. While working on the production table a penalty of 150 per day was announced for not wearing the helmet. gloves and apron by the workers
Quoting lines from the above para identify and explain the different types of plans discussed

Explanation

The different types of plans discussed in the above para as follows
(i) Strategy is a comprehensive plan and helps to define the organisations scope and direction in the long run Lines from the above para. indicative of this type of plan are "For this he decided ......... to achieve the same"
(ii) Objective it refers to the desired future positions that an organisation seeks to reach
Lines from the above para, indicative of this type of plan are "One of his objective .........in the first year"
(iii) Policy it is a general statement that defines the boundaries within which decisions are made
Lines from the above para, indicative of this type of plan are
"it was decided ...........on two months credit"
(iv) Procedure it describes the exact manner in which certain activity is to be performed Lines from the above para, indicative of this type of plan are
"He also decided to follow .......... his own outlets"
(v) Method It provides the prescribed manner in which a task has to be performed, considering the objectives
Lines from the para indicative of this plan are
"He appointed Harsh ........ carried out"
(vi) Programme it is a concrete action plan indicating how, when and by whom work is to be done
Lines from the above para indicative of this plan are "Harsh also prepared a ..........the year"
(vii) Budget it is a statement of expected results expressed in numerical terms
Lines from the above para indicative of this plan are "Mayank informed Harsh ...........forthcoming quarter"
(viii) Rules These are specific statements that inform what is to be done
Lines which are indicative of this type of plan are "While working on the production.......... by the workers".