Advanced Strategic Management
Q.1. (a) What is the significance of corporate policy in today’s changing scenario?
Ans:- meaning of corporate policy:-
Definition
A formal declaration of the guiding principles and procedures by which a company will operate typically established by its board of directors or a senior management policy committee. Imbedded in corporate policy are the company's mission statement, objectives and the principles by which strategic decisions are to be made. It also forms the basis for measuring performance and ensuring accountability at all levels of the company.
Significance of corporate policy:-
Policies and Procedures are the strategic link between the Company's Vision and its day-to-day operations. But why is that so important? It's because well written policies & procedures allow employees to understand their roles and responsibilities within predefined limits. Basically, policies & procedures allow management to guide operations without constant management intervention.
Policies and Procedures are the strategic link between the Company's Vision and its day-to-day operations. But why is that so important? It's because well written policies & procedures allow employees to understand their roles and responsibilities within predefined limits. Basically, policies & procedures allow management to guide operations without constant management intervention.
In order to understand why policies & procedures are so important we need to know what they are and differences between them. So let's start by taking a look at policies:
A "Policy" is a predetermined course of action which is established to provide a guide toward accepted business strategies and objectives. In other words, it is a direct link between an organization's "Vision" and their day-to-day operations. Policies identify the key activities and provide a general strategy to decision-makers on how to handle issues as they arise. This is accomplished by providing the reader with
Ans:- meaning of corporate policy:-
Definition
A formal declaration of the guiding principles and procedures by which a company will operate typically established by its board of directors or a senior management policy committee. Imbedded in corporate policy are the company's mission statement, objectives and the principles by which strategic decisions are to be made. It also forms the basis for measuring performance and ensuring accountability at all levels of the company.
Significance of corporate policy:-
Policies and Procedures are the strategic link between the Company's Vision and its day-to-day operations. But why is that so important? It's because well written policies & procedures allow employees to understand their roles and responsibilities within predefined limits. Basically, policies & procedures allow management to guide operations without constant management intervention.
Policies and Procedures are the strategic link between the Company's Vision and its day-to-day operations. But why is that so important? It's because well written policies & procedures allow employees to understand their roles and responsibilities within predefined limits. Basically, policies & procedures allow management to guide operations without constant management intervention.
In order to understand why policies & procedures are so important we need to know what they are and differences between them. So let's start by taking a look at policies:
A "Policy" is a predetermined course of action which is established to provide a guide toward accepted business strategies and objectives. In other words, it is a direct link between an organization's "Vision" and their day-to-day operations. Policies identify the key activities and provide a general strategy to decision-makers on how to handle issues as they arise. This is accomplished by providing the reader with