Match List-I with List-II | List-I | List-II | | --- | --- | | Type of Plan | Description | | (A) Strategy | (I) It is a statement of expected results expressed in numerical terms. | | (B) Policy | (II) It is a general statement that guides thinking or channelizes energies. | | (C) Rule | (III) It provides the broad contours of an organisation's business. | | (D) Budget | (IV) It is a specific statement that tells what is to be done. | Choose the correct answer from the options given below:

Option 1 -> Strategy as numerical results and Budget as specific statements doesn't align with management definitions. Option 2 -> Strategy provides broad business contours, Policy guides thinking, Rule is specific statement, Budget expresses numerical results - all definitions align correctly. Option 3 -> Strategy as numerical results is incorrect; Strategy deals with overall direction, not numbers. Option 4 -> Policy as specific statement is wrong; Policies are general guidelines, not specific directives. Hence, Option 2: (A) - (III), (B) - (II), (C) - (IV), (D) - (I) -> Strategy (A) defines the broad contours and overall direction of an organization's business (III). Policy (B) is a general statement that guides thinking and channelizes organizational energies (II). Rule (C) is a specific, mandatory statement that tells exactly what is to be done or not done (IV). Budget (D) is a statement of expected results expressed in numerical/quantitative terms like money, units, or hours (I). -> correct