Give the meaning of 'policy' and 'strategy' as types of plans.
Answers
Strategy
This obviously is the next type of plan, the next step that follows objectives. A strategy is a complete and all-inclusive plan for achieving said objectives. A strategy is a plan that has three specific dimensions
Establishing long-term objectives
Selecting a specific course of action
allocating the necessary resources needed for the plan
Policy
Policies are generic statements, which are basically a guide to channelize energies towards a particular strategy. It is an organization’s general way of understanding, interpreting and implementing strategies. Like for example, most companies have a return policy or recruitment policy or pricing policy etc.
Policies are made across all levels of management, from major policies at the top-most level to minor policies. The managers need to form policies to help the employees navigate a situation with predetermined decisions. They also help employees to make decisions in unexpected situations.
may this help u
Answer:
Policy is a general statement that guides thinking or channelises energies towards a particular direction.