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IAI Actuarial Core Principles · Business Management · Mission, business strategy, teamwork and time management

Suraksha Life, an Indian insurer, rewrites its corporate statement so that it describes the organisation's fundamental purpose, the customers it serves and the values guiding its conduct, without stating any numerical target or date. Which document does this wording most closely represent?

The wording is a mission statement. A mission describes the organisation's fundamental purpose, its customers and its guiding values, and it is enduring. Quantified, dated targets and budgets are operational or tactical tools, so they do not fit a statement lacking numbers or deadlines.

  1. AA mission statementCorrect
  2. BA set of SMART operational targets
  3. CA budget for the coming year
  4. DA SWOT analysis
  5. A functional tactical plan

Explanation

A mission statement sets out why the organisation exists, whom it serves and the values it works by. It is enduring and not tied to numbers or dates. SMART targets and budgets are quantified and time-bound, so they do not match this description.

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