Types Of Plans In Business

Different departments or units in the organization may have their own objectives.Strategic planning begins with an organization’s mission.

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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 guides to managerial action and decisions in the implementation of the strategy.

The policy is not action but a parameter for action.

Standing Plans: Standing plans are ongoing plans that aimed at providing guidance for performing recurring activities.

The important types of standing plans are as follows Policies are general statements that guide thinking or channelize energies towards a particular direction.The organization can have major policies regarding customers, clients, competitors etc.and minor policies which are adopted inside the organization in minute details.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.Operational Plans: They are made for supporting the implementation of tactical plans and achievement of operational goals.They clearly specify the things needed to be done in the short run, in order to achieve the operational goals.Hence thus during finalizing the strategy, these factors should be considered.Strategic plans involve decisions like whether the organization will continue to be in the same line of business, or combine new lines of activity with the existing business or seek to acquire a dominant position in the same market.Tactical Plans: Tactical plans are developed to support the implementation of strategic plans.These plans are developed by middle managers after consulting lower-level managers.

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