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It defines the scope or spheres within which the decisions can be taken by subordinates in the organization . it permits the lower level management to deal with problems and issues without consulting top level management every time for decision .
It is the guideline developed by the organization to govern its actions , they define the limit within which the decisions must be made .
It also deals with acquisition of resources with which organization goals can be achieved .
Business policy is the study of roles and responsibility of top level management , the significant issues affecting organization success and the decision affecting organization long term run .
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What are common elements of business policy?
A business policy is the set of guidelines an organization follows and they define the limits of how decisions are made. Common element of a business policy include specific and clear policies so there are no misunderstandings. Policies should be appropriate simple, and uniform.
Define policies and procedures?
A policy is a rule that governs how a company conducts business, such as a 30-day return policy. A procedure is a set of steps for administering a process, such as the procedure for issuing a refund (the process) for an item that was returned to a retailer or the procedure for turning on a complex piece of machinery.
What is the business policy and explain the importance of business policy?
A business policy is : guidelines to facilitate achieve predetermined objective as plan(decision making) involving all levels of the management in any business organisation.It set a statement on the mode and manner how the objectives will be achieved. Without a policy the organisation will function arbitrarily in an anarchic way and may not reach its objectives.
Does homeowners insurance cover a home business?
Homeowners insurance typically does not cover a home business. Additional insurance, such as a business owner's policy or a commercial insurance policy, may be needed to protect a home-based business.
What is business policy and strategy?
Using business policy and strategy is called strategic management. Strategic management helps business make decisions and use information that help achieve company objectives.
