Types Of Plans In Business

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They are more specific and concrete than strategic plans.

The success of strategic and tactical plans depends upon the achievement of operational goals.

They are developed by top management after consulting the board of director and middle management.

These are acted upon by all the departments, sections and individuals.

They are developed by lower-level managers after consulting the middle managers.

Their time period is less than one year, such as a few months, weeks or even days.

There is a policy at all level and in all departments.

Due to well-defined policy decision making becomes an easier task. The company may have a recruitment policy, pricing policy, refund policy, replacement policy within which objectives are set and decisions are made.

For the success of these plans, there should be harmony and coordination at all level.

It includes: i) determining long-term objectives, ii) adopting a particular course of action, and iii) allocating resources necessary to achieve the objective.


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