Question

What is the policy and its importance in management?

Answer 1

policy :

A policy is a deliberate system of principles 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. Policies to assist in subjective decision making usually assist senior management with decisions that must be based on the relative merits of a number of factors, and as a result are often hard to test objectively, e.g. work-life balance policy. In contrast policies to assist in objective decision making are usually operational in nature and can be objectively tested, e.g. password policy.[1]

its importance:

Policies are important because they address pertinent issues, such as what constitutes acceptable behavior by employees. Procedures, on the other hand, clearly define a sequence of steps to be followed in a consistent manner, such as how the organization will respond to any policy violations