Give the meaning of 'policy' and 'strategy' as types of plans.
Give the meaning of 'policy' and 'strategy' as types of plans.
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. Policies are made at every level because the managers at every level need to decide or predetermine the way of handling a situation and policy acts as a guide to take decisions in an unexpected situation.
Strategy: A strategy is a comprehensive plan to achieve the organisational objectives. The dimensions of strategy are :
(i) Determining long-term objective.
(ii) Adopting a particular course of action.
(iii) Allocating resources for achieving the objectives.
(iv) The strategy is formulated after scanning the business environment.
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. Policies are made at every level because the managers at every level need to decide or predetermine the way of handling a situation and policy acts as a guide to take decisions in an unexpected situation.
Strategy: A strategy is a comprehensive plan to achieve the organisational objectives. The dimensions of strategy are :
(i) Determining long-term objective.
(ii) Adopting a particular course of action.
(iii) Allocating resources for achieving the objectives.
(iv) The strategy is formulated after scanning the business environment.
