MANAGEMENT

Detailed explanation-1: -Policies define the broad parameters within which a manager may function. The manager may use his/her discretion to interpret and apply a policy. For example, the decisions taken under a Purchase Policy would be in the nature of manufacturing or buying decisions.

Detailed explanation-2: -Policy: These are the general guidelines which facilitate uniformity in decision-making for the attainment of objectives of the organisation. It can be defined as organisation’s general response to a particular problem or situation.

Detailed explanation-3: -1 Answer. Method is the type of plan which provides the prescribed ways in which a task has to be performed considering the objective.