GENERAL KNOWLEDGE

Detailed explanation-1: -A policy provides a broad guideline for managers to follow when dealing with important areas of decision making. Policies are general statements that explain how a manager should attempt to handle routine management responsibilities.

Detailed explanation-2: -Very simply, policies are standing plans that provide guidelines for decision making. They are guides to thinking that establish the boundaries or limits within which decisions are to be made. Within these boundaries, judgment must be exercised.

Detailed explanation-3: -Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an organization. Policies can assist in both subjective and objective decision making.

Detailed explanation-4: -Reason : Policies are standing plans that furnish broad guidelines for channeling management thinking in specified direction.

Detailed explanation-5: -A policy is a broad guideline for decision-making that links the formulation of strategy with its implementation. Companies use policies to make sure that employees throughout the firm make decisions and take actions that support the corporation’s mission, objectives and strategies.