A strategy is a comprehensive plan for accomplishing an organisation objectives. This comprehensive plan will include three dimensions

 (i) determining long term objectives, 

(ii) adopting a particular course of action,

 (iii) allocating resources necessary to achieve the objective. 

Objectives The first step in planning is setting objectives. Objectives, therefore, can be said to be the desired future position that the management would like to reach.

Policies are general statements that guide thinking or channelise energies towards a particular direction. Policies provide a basis for interpreting strategy which is usually stated in general terms.

Procedures are routine steps on how to carry out activities. They detail the exact manner in which any work is to be performed. They are specified in a chronological order.