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Types of plans :

i. Objective:  An objective is a specified goal that an organisation needs to achieve and where, when and how it should be performed and the expected outcome of it and to be achieved. Top level management need to state these objectives very clearly for each and every department in the organisation so that right direction can be taken for achieving goals. Objectives are the main points of planning function. 

ii. Budget: A budget is a financial statement of expected results expressed in numerical terms. It is a plan which drafts the desired results and quantifies future facts and data in numbers. For instance, a budget on sales, the number of products and their prices will give the desired quantifiable revenue earned data. This representation in quantifiable figures makes it easier to compare the actual results with the expected results, and thereby take corrective actions.