Match List-I with List-II
Items Description (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:
Match List-I with List-II
| Items | Description |
|---|---|
| (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
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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