Policies and Objectives

 Policies and objectives are two different concepts in the realm of business management, with distinct meanings and applications.

Objectives are specific, measurable, achievable, relevant, and time-bound goals that an organization sets for itself. They are the end goals that an organization aims to achieve within a specific timeframe. Objectives are often set based on an analysis of the external and internal environments in which an organization operates. They may be long-term, such as a five-year objective, or short-term, such as a quarterly objective.

Policies, on the other hand, are guidelines and principles that govern decision-making and actions within an organization. Policies are developed based on an organization's values, culture, and goals, and are designed to ensure that employees understand the rules and expectations of the organization. Policies provide a framework for decision-making and help ensure consistency in the way that the organization operates.

While objectives are focused on setting specific goals and targets for the organization, policies are focused on establishing guidelines for how the organization should operate. Objectives are the destination that the organization wants to reach, while policies are the roadmap that the organization uses to get there.

Another key difference between policies and objectives is their level of specificity. Objectives are specific and measurable, while policies are more general and often open to interpretation. Objectives are focused on achieving a specific outcome, while policies are focused on establishing a framework for decision-making.

In conclusion, policies and objectives are two different concepts in business management. Objectives are specific goals that an organization sets for itself, while policies are guidelines and principles that govern decision-making and actions within an organization. While objectives are focused on achieving specific outcomes, policies are focused on establishing a framework for decision-making and ensuring consistency in the way that the organization operates.

Subcribe on Youtube - IGNOU SERVICE

For PDF copy of Solved Assignment

WhatsApp Us - 9113311883(Paid)