Qualification Framework/Professional Education/Management/MHRM/Principles of Management/Policy Development/What is a Policy

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What is a Policy?
Policy is a one time standing decision in the light of which so many routine decisions are made. Policies provide the broad framework within which decisions are to be made. In the absence of a sound policy the managerial decisions may become directionless and the organizational functions would end up in chaos. Thus policies help in taking decisions based on the declared goals and avoid wastage of time and resources. Moreover, Policies fill the gaps in the Plans of the Organization.