Question : Statement 1: Planning involves setting objectives.
Statement 2: Planning is concerned only with resource allocation.
Option 1: Both statements are correct.
Option 2: Only statement 1 is correct.
Option 3: Only statement 2 is correct.
Option 4: Neither statement 1 nor statement 2 is correct.
Correct Answer: Only statement 1 is correct.
Solution : The correct option is (b) Only statement 1 is correct.
Statement 1 is correct. Planning involves setting objectives, defining goals, and determining the actions required to achieve those objectives. Setting objectives is a crucial component of the planning process.
Statement 2 is incorrect. Planning is not concerned only with resource allocation; it encompasses a broader process that includes setting objectives, assessing current situations, identifying alternative courses of action, and making decisions to achieve organizational goals.
Therefore, only statement 1 is correct.
Question : Statement 1: Planning leads to effective resource utilization.
Statement 2: Planning facilitates goal achievement.
Question : Statement 1: A budget is a financial plan.
Statement 2: Budgeting helps in resource allocation.
Question : Statement 1: Planning does not leads to effective resource utilization.
Statement 2: Planning discourages goal achievement.
Question : Statement 1: Objectives provide direction to an organization.
Statement 2: Objectives are specific and measurable.
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