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Match List-I with List-II

ItemsDescription
(A) Budget(I) Future decisions defining the organisation's direction and scope to acquire a dominant position.
(B) Procedure(II) A control device from which deviations can be taken care of.
(C) Policy(III) Routine steps in chronological order.
(D) Strategy(IV) Guide to managerial actions and decisions in the implementation of a business strategy.

Choose the correct answer from the options given below:

Solution

✅ Correct Option: 1

Option 1 -> Budget as control device (II), Procedure as routine steps (III), Policy as guide for actions (IV), Strategy as future direction (I) - matches correctly.

Option 2 -> Budget as routine steps (III) is incorrect; budgets are control tools, not procedural steps.

Option 3 -> Budget as future direction (I) is incorrect; budgets are for control and monitoring, not strategic direction.

Option 4 -> Strategy as control device (II) is incorrect; strategy defines direction, not serves as a control mechanism.


Hence, Option 1: (A)-(II), (B)-(III), (C)-(IV), (D)-(I) -> Budget is a financial control device to track deviations; Procedure outlines routine steps chronologically; Policy guides managerial decisions; Strategy defines future organizational direction and competitive positioning -> correct

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