i) Strategy:
A strategy is a course of action that includes the specification of all the resources required to achieve a specific objective. It is concerned with the overall direction of an organization. Strategy formulation is the responsibility of the top management of an organization.
(2 marks)

ii) Policies:
Policies are general statements or understandings that provide guidelines for management decision-making. They allow managers to exercise their discretion and freedom of choice within certain limits. An example of a policy might be that the staff of the purchasing department of an organization should not accept gifts from suppliers, subject to certain exceptions.
(2 marks)

iii) Procedures:
Procedures are sequences of required actions or activities for performing specific tasks. They exist at all levels of an organization, though they are more extensive at the lower levels. Procedures result in efficiency and standardization of work.
(2 marks)

iv) Budget:
A budget is a formal statement of expected results set out in numerical terms and summarized in monetary values. It is a plan for carrying out certain activities with specified resources within a given period of time to achieve certain goals. A budget is a numerical statement and tends to ignore qualitative aspects of planning and achievement.
(2 marks)

v) Rules:
Rules prescribe a specific, definite action that should be taken in a given situation. They do not allow for deviations or exceptions, unlike policies, which are general guidelines that allow the exercise of some management discretion. An example of a rule might be that employees with access to a telephone must not use it for personal calls.
(2 marks)