Question

Describe the relationship between annual objectives and policies.

Your response should be at least 200 words in length.

Answer 1

Commonly, business policies are guidelines that promote a corporation or organization's ability to achieve defined targets established by top-level management. Company targets are usually the endpoints of strategies intended to accomplish client objectives. A business organization can formulate both policies and business objectives into plans as defined. While the goal is to end a plan, policy is the manner and mode used to achieve each goal.

The role of management consists of coordinating, preparing, hiring, directing and leading a business organization with a view to achieving business objectives. Management uses human , economic, technical , and financial capital to create business strategies and actionable plans. For example, management of an organization may design a program to be used to promote the production and service delivery. Business management organizes the tasks that bind people to achieve client goals.

Business policies may begin as brief statements that illustrate a firm 's dedication to supplying the public with a product or service. Top management typically devises a program of quality based on clear policies. Policies that also discuss the dedication of organizations to continuous improvement through successful business processes. An organization, for example, may create a "quality policy" to ensure that workers adhere to the highest standards of professionalism when creating products and delivering services in the name of the business.

Business strategies may be established on the basis of the production and service policies of a company. Management develops strategies that set and review company targets specific to its business needs. Business strategies that include the expectation that to achieve their objectives, the performance of any company program requires involvement by all levels of employees.

Policy helps to explain the business purpose, identify how it will be handled and establish the details of the company's objectives. Policies should also defend organizations from misunderstandings that may result in inacceptable actions or litigation. Management uses policy statements to set strategies, then objectives, for companies. For example, when the intention of a company is to provide the best type of product to serve its public, management will then oversee the development of an appropriate system to deliver that product.