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In day-to-day processes every organisation involves in a complicated pattern of decisions from board level about the objectives of the organization. Some of these decisions have long term effect while others have only short-term effect. Such long-term decisions are integrative in nature, involving more than one functional area of the organization. Business policy will provide an opportunity to put together what they have learnt in the separate business fields and utilise this knowledge in the analysis of complex business problems. Business functions. policy focuses on top management
Top
management
is
responsible means
for
overall of
management of the organisation. Overall management determination organisational objectives and goals, overall planning and overall control in the organisation. It integrates the entire organisation, maintains balance among the interest groups in the organisation. Top management alone is responsible for relating the organisation to a changing environment.
STRATEGY
A strategy is devised at the relevant level of management and is a long-term plan of change and improvement for an organisation. A policy is a document written to structure and outline the strategy to those that it affects and to those who must implement it.
POLICY
Policies and standards ensure that processes, procedures and deliverables are consistent and meet the needs of the business, while complying with current legislation. Policies should be clearly communicated through all levels of an organisation detailing who is responsible for each policy and what onus that places on individuals employed by the organisation.
SimpleA policy should be simple and easily understood by all in the organization.
Inclusive/ComprehensiveIn order to have a wide scope, a policy must be comprehensive. FlexiblePolicy should be flexible in operation/application. This does not imply that a policy should be altered always, but it should be wide in scope so as to ensure that the line managers use them in repetitive/routine scenarios.
StablePolicy should be stable else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance.
Role of Policy
Policy serves to clarify the business intent, describe how it will be administered and define company objective particulars. Policies may also protect organizations from misunderstandings which could lead to unacceptable behavior or lawsuits. Policy statements are used by management to devise objectives, and then goals, for companies.
For example, when a company's intent is to provide the best type of product to serve its public, management then oversees the development of a suitable system to provide that product.
5. To learn that the problems in real life business are unique and so are the solutions is an enlightening experience for the learners. The knowledge component of such an experience stresses the general approach to be adopted in problem solving and decision making. With a generalized approach, it is possible to deal with a wide variety of situations. The development of this approach is an important objective to be achieved in terms of knowledge.