Policies are directives designed to guide the thinking, decisions, and actions of managers and their subordinates in implementing a firm’s strategy. Sometimes called standard operating procedures, policies increase managerial effectiveness by standardizing many routine decisions and clarifying the discretion managers and subordinates can exercise in implementing functional tactics.

Webster Dictionary Meaning

1. Policies
- of Policy
Share it:  Cite

More from this Section

  • Whistle-blower
    Whistle-blower is an individual who raises ethical concerns or issues to others. ...
  • Profitability Ratios
    Profitability is the net result of a large number of policies and decisions chosen by ...
  • Responsibility
    Responsibility means the obligation or expectation to perform any assigned duties. ...
  • Trust
    Trust is defined as the belief in the integrity, character, and ability of a leader. Followers ...
  • Polycentric attitude
    A polycentric attitude is the view that employees in the host country (the foreign country ...