Question Tag: Policies

Search 500 + past questions and counting.
Professional Bodies Filter
Program Filters
Subject Filters
More
Tags Filter
More
Check Box – Levels
Series Filter
More
Topics Filter
More
  • 4 Marks

PSAF – Nov 2016 – L2 – Q4b – Public sector fiscal planning and budgeting.

Identify policies influencing resource allocation in a Local Government Authority.

Resources of Local Government Authorities are very often limited. Therefore, there is the need for the limited resources to be efficiently allocated in order that a greater output is achieved from the limited resources.

Required:
Identify FOUR policies that would influence the allocation of resources in a Local Government Authority. (4 marks)

Allocation of Limited Resources in a District Assembly
i) Ensure that utilization of resources is linked to the priorities of the Assembly.
ii) Ensure that the Assembly’s strategic plan leads to the overall achievement of the Assembly’s stated objectives and outputs before committing limited resources.
iii) Ensure that there is transparency and stakeholder participation in the use of resources.
iv) Ensure that there is better planning information that will lead to policy predictability before committing resources.
v) There is the need to persuade donors and other development partners to fund some of the Assembly’s priority activities.

  • 10 Marks

BMIS – May 2017 – L1 – Q5b – Introduction to business strategy

Explain key concepts related to strategic planning, including strategy, policies, procedures, budgets, and rules.

Question:

Strategic planning has been defined as the process of setting objectives for the organisation and laying down the policies which are to govern the acquisition, usage, and disposal of the resources used to achieve those objectives.

Required: Explain the following:

i) Strategy
ii) Policies
iii) Procedures
iv) Budget
v) Rules
(10 marks)

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)

Take control of your business data with insight and in-depth understanding by taking this course. 

Services

Contact Info

  • +233203701923
    +233543919232
  • info@noohrabusiness.com

Get In Touch

Follow us on our social media and get daily updates.

Facebook-f Twitter Linkedin-in Envelope