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Business Studies · 2024 · 6 marks
CBSE 2024 · Region 4 · Set 1 · Q31
(a) Explain the following types of plans: (i) Strategy (ii) Method (iii) Budget
(a)
Explain the following types of plans :
(i)
Strategy
(ii)
Method
(iii)
Budget
OR
(b)
Explain the following limitations of planning function of management :
(i)
Planning may not work in a dynamic environment.
(ii)
Planning leads to rigidity.
(iii)
Planning is time consuming.
Marking-scheme solution
(i)
Strategy
It is a comprehensive plan for accomplishing an organisation
objectives.
Taking business environment into consideration, it provides
the broad contours of an organisation’s business and includes
(i)
determining long term objectives, (ii) adopting a particular
course of action, and (iii) allocating resources necessary to
achieve the objective
(ii)
Method
Methods provide the prescribed ways or manner in which a
task has to be performed considering the objective.
The Methods may vary from task to task.
(iii)
Budget
A budget is a statement of expected results expressed in
numerical terms.
It is a plan which quantifies future facts and figures.
OR
Q. (b) Explain the following limitations of planning function of
management:
(i)
Planning may not work in a dynamic environment.
(ii)
Planning leads to rigidity.
(iii)
Planning is time consuming.
Limitations of Planning:
(i)
Planning may not work in a dynamic environment:
The business environment is dynamic and the organization has to
constantly adapt itself to changes.
It becomes difficult to accurately assess future trends in the
environment.
(ii)
Planning leads to rigidity:
In an organisation, a well-defined plan is drawn up with specific
goals to be achieved which the manager may not be in a position
to change.
Managers need to be given some flexibility to be able to cope
with the changed circumstances.
(iii)
Planning is a time-consuming process:
Sometimes drawing plans take too much time.
There is not much time left for their implementation.
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CBSE Class 12 Business Studies past-paper question from the 2024 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.