Types of Plans

Question 1

Financial or Non- Financial Planning

Answer 1

Financial - planning use and allocation of monetary resources
Non-Financial - planning the use and allocation of physical resources which money can be borrowed from

Question 2

Formal and Informal Planning

Answer 2

• Formal: documented, written, structured and thoroughly thought out plans
• Informal: mere thinking

Question 3

Specific and Routine Planning

Answer 3

• Specific: plan for a particular purpose, requires creativity and different approaches
• Routine: use of constant methods for a particular object during a particular period

Question 4

Profit Planning

Answer 4

• plans toward profit involving profit forecasts, integrated activities and checkpoints toward profit goals

Question 5

Short and Long Range Planning

Answer 5

• short and long range planning depends on the organization and its scope
• NORMALLY,
• short range planning: six to twelve months
• long range planning: three to five years