Question : Statement 1: Strategy involves resource allocation for objectives.
Statement 2: Strategy formulation is solely a top-level management function.
Option 1: Statement 1 correct, Statement 2 incorrect.
Option 2: Statement 1 incorrect, Statement 2 correct.
Option 3: Both statements are correct.
Option 4: Both statements are incorrect.
Correct Answer:
Statement 1 correct, Statement 2 incorrect.
Solution : The correct answer is (a) Statement 1 correct, Statement 2 incorrect.
Statement 1 is correct. Strategy often involves the allocation of resources, including financial, human, and other assets, to achieve organizational objectives. Efficient resource allocation is a crucial aspect of strategic planning.
Statement 2 is incorrect. While top-level management plays a significant role in formulating overall organizational strategy, strategy formulation is not solely their function. It may involve collaboration and input from various levels within an organization, including middle and lower levels. Strategic planning often benefits from a more inclusive and collaborative approach.
Therefore, Statement 1 correct, Statement 2 incorrect.
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