What is mission, goals, Objectives, Strategy and Budgets purposes?

Business Documents	details	Duration	Nature	Examples	Origin
Mission or vision statement	Sets purpose, stakeholders, culture and ethical values. Frame work for other documents.	Unlimited	Narrative	Mission of ACCA is to promote Accountancy profession and safe guard its members interest and society at large. The way exams are taken reflects culture and ethics like invigilator uniforms and enforce security in the premises.	Top level like board of directors.
Goal	Sets direction. Motivating.	Unlimited	Narrative	Goal is the dream comes in the mind of the entrepreneur like "I want to be the best accountant in the world"	Dream of organizational leader such as CEO.
Objective	Sets future position & Practicable based on business position in the macro environment: PESTEL	Long term normally 1 to 5 yrs.	Specific Measureable Attainable Relevant Timely	Objectives are rational decisions like "I have to pass two per session". This is set after taking account for various factors like time available, energy limitations, IQ levels, money to pay fees etc.	Top level managers aware of external influence affecting the business.
Strategy	Way to achieve future position. Strategy is the thoroughly considered option among various alternatives based on  SWOT analysis	Initially equal to objectives. Subsequently revised to due to changing conditions.	Narrative.	There are following options available. Option 1. distance learning. Option 2. Go to tuition provider. Option 3. Study with other students. Strategy I chose is distance learning (option 1) based on my SWOT analysis.	Top level may be same as those involved in objectives setting.
Budget	Breaks strategy into small bits of targets. It identifies and allocates resources and challenges to implement the strategy.	Normally 1 yr May be made quarterly.	Quantitative financial data.	Amount of fees I need to pay and its time. Exam dates of papers chosen. Cost of learning material to buy. Time needed to read the material. Setbacks likely to take time due to illness, traditional occasions.	Top level by imposing the budget. Participation of operational managers. Negotiating with low-level managers.

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