Phoenix Ltd. distributes 10% of their profits among their employees as incentives every year. Identify the type of plan reflected above.
Policy
The correct answer is Policy because:
- A policy is a general guideline for decision-making that helps in smooth functioning.
- Phoenix Ltd. has a defined rule of distributing 10% of its profits, which serves as a policy for employee incentives.
- Policies provide a consistent approach to business activities and help in long-term planning.
Similar Questions
"These are the routine steps on how to carry out activities. It provides the exact manner in which any work is to be performed." Identify the type of plan explained above.
Which step of planning process involves other managerial functions as well and leads to 'doing what is required'?
Cost of production increased because of sudden increase in transportation cost, which resulted in lesser profits. Which limitation of planning is highlighted in the aforesaid statement?
Important Questions from Planning
"These are the routine steps on how to carry out activities. It provides the exact manner in which any work is to be performed." Identify the type of plan explained above.
Which step of planning process involves other managerial functions as well and leads to 'doing what is required'?
Cost of production increased because of sudden increase in transportation cost, which resulted in lesser profits. Which limitation of planning is highlighted in the aforesaid statement?
Identify the correct sequence of steps under the Planning function:
(A) Setting objectives
(B) Identifying alternative courses of action
(C) Developing premises
(D) Evaluating alternative courses of action
Choose the correct answer from the options given below:
"Plans once drawn with specific goals, the managers may not be in position to change it". Which limitation of planning is discussed in the above statement.
Which limitation of planning is being discussed?
