Sponsor Area

Planning

Question
CBSEENBS12003758

Differentiate between ‘Method’ and ‘Budget’ as types of plans.

Solution

Difference between Method and Budget

Basis of Difference

Methods

Budgets

1. Meaning

Method is that plan which determines
how different activities of the
procedure are completed.

Budgets describe the desired results
in numerical terms.

2. Selection

There may be many methods to do
a particular work. After extensive
study a most suitable method has to
be selected.

It is an instrument of both planning
and controlling, hence no question
of selection arises.