POLICY, BUSINESS POLICY AND PUBLIC POLICY. “A course or principle of action adopted or proposed by an organization, is policy”.

1. SUBJECT :
BUSINESS POLICY
ASSIGNMENT ON:
POLICY, BUSINESS POLICY AND PUBLIC POLICY
SUBMITTED TO:
MA’AM SHABINA
SUBMITTED BY:
VARDA SHAIKH (1310-BBA027)

2. WHAT IS POLICY?
“A course or principle of action adopted or proposed by an organization”.
A policy is a deliberate system of principles to guide decisions and achieve rational
outcomes. A policy is a objective statement, and is implemented as a procedure or
protocol.
Policies are generally adopted by the board of directors or senior governance body
within an organization, where procedures or protocols are developed and adopted by
senior executive officers. Policies can assist in both subjective and objective decision
making.
Policies to assist in subjective decision making usually assist senior management with
decisions that must be based on the relative merits of a number of factors, and as a
result are often hard to test objectively e.g. work-life balance policy.
In contrast policies to assist in objective decision making are usually operational in
nature and can be objectively tested, e.g. password policy.
DIFFERENTIATE BETWEENBUSINESS POLICY & PUBLIC POLICY?
Business policy is the study of the roles and responsibilities of top- level management,
the significant issues affecting organizational success and the decisions affecting
organization in the long-run.
Business Policy defines the scope or spheres within which decisions can be taken by
the subordinates in an organization. It permits the lower level management to deal with
the problems and issues without consulting top level management every time for
decisions.
Public policy often unwritten, on which social laws are based. It is the principle guide to
action taken by the administrative executive branches of the state.
The foundation of public policy is composed of national constitutional laws and
regulations. Further substrates include both judicial interpretations and regulations
which are generally authorized by legislation.
Public policy is considered strong when it solves problems efficiently and effectively,
serves justice, supports governmental institutions and policies, and encourages active
citizenship.