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Policy A policy is a predetermined course of action which is established to guide toward accepted business objectives and strategies. Policies identify the key activities and offer a general strategy to decision-makers on how to handle issues as they arise. This is accomplished by providing the reader with limits and a choice of alternatives that can be used to "guide" their decision making process as they attempt to overcome problems (Grant, 2002). Business Policy Business policy refers to the roles and responsibilities of top-level management, the significant issues affecting organization-wide performance and the decisions affecting them in the long run. Business Policy defines the scope within which decisions can be assumed by the subordinates in an organization. Business policy allows the lower level management to deal with
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the issues and problems without consulting top level management for decisions (Grant, 2002).
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  • Fall '11
  • Management, Handbook of Strategy and Management

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