{"id":3080,"date":"2019-12-17T14:46:50","date_gmt":"2019-12-17T14:46:50","guid":{"rendered":"https:\/\/commerceiets.com\/?p=3080"},"modified":"2019-12-17T14:46:50","modified_gmt":"2019-12-17T14:46:50","slug":"policy-and-planning","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/policy-and-planning\/","title":{"rendered":"POLICY AND PLANNING"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/policy-and-planning\/#POLICY_AND_PLANNING\" title=\"POLICY AND PLANNING\">POLICY AND PLANNING<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/policy-and-planning\/#Policy_and_Planning_are_complementary_to_each_other\" title=\"Policy and Planning are complementary to each other. \">Policy and Planning are complementary to each other. <\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"policy-and-planning\"><span class=\"ez-toc-section\" id=\"POLICY_AND_PLANNING\"><\/span>POLICY AND PLANNING<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"policy-and-planning-are-complementary-to-each-other\"><span class=\"ez-toc-section\" id=\"Policy_and_Planning_are_complementary_to_each_other\"><\/span>Policy and Planning are complementary to each other. <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"168\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/01\/download-30.jpg\" alt=\"POLICY AND PLANNING\" class=\"wp-image-4916\"\/><figcaption>POLICY AND PLANNING<\/figcaption><\/figure>\n\n\n\n<p>Policy formulation is an important aspect of the planning. The smooth working of an organization requires the formulation of the <a aria-label=\"policies (opens in a new tab)\" href=\"https:\/\/commerceiets.com\/policies-in-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">policies<\/a>. A well thought exercise is essential to formulate the sound and effective policy. The following is the procedure to formulate the policies:<\/p>\n\n\n\n<p><strong><em>DEFINING POLICY AREA<\/em><\/strong><\/p>\n\n\n\n<p>Management has to identify the areas of the policy. In other\nwords, the areas have to be found out for which the policies are to be made or\nformulated. Even the existing policy may be changed in this manner. A management\ncould have a clear cut idea only after selecting the area of policy\nformulation.<\/p>\n\n\n\n<p><strong><em>EVALUATING OBJECTIVES<\/em><\/strong><\/p>\n\n\n\n<p>Organizational <a href=\"https:\/\/commerceiets.com\/objectives\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"objectives (opens in a new tab)\">objectives<\/a> play a vital role in the formulation of the policy. Objectives are the foundation for policy formulation. Objectives give clear cut directions to formulate the policy. The reason is that the policy is formulated to achieve the objectives.<\/p>\n\n\n\n<p><strong><em>ANALYSIS OF BUSINESS ENVIRONMENT<\/em><\/strong><\/p>\n\n\n\n<p>A policy reflects the circumstances under which the policy is\nformulated. A policy is formulated according to the situation. But the policy\nshould be designed by taking into consideration the expected changes in the\nlegal, political, social, economic, demographic, technological business environment.<\/p>\n\n\n\n<p><strong><em>CORPORATE ANALYSIS<\/em><\/strong><\/p>\n\n\n\n<p>Corporate analysis refers to the internal analysis of the\norganization. The SWOT analysis should be conducted for the same. SWOT:<\/p>\n\n\n\n<p><strong>S- Strengths<\/strong><\/p>\n\n\n\n<p><strong>W- Weaknesses<\/strong><\/p>\n\n\n\n<p><strong>O- Opportunities<\/strong><\/p>\n\n\n\n<p><strong>T- Threats<\/strong><\/p>\n\n\n\n<p>This type of analysis gives a clear picture of the functioning\nof the organization and is of utmost help in policy formulation.<\/p>\n\n\n\n<p><strong><em>COLLECTION OF INFORMATION<\/em><\/strong><\/p>\n\n\n\n<p>The next step in the formulation of policy is the collection\nof information. An intelligent person may be appointed to collect the\ninformation in case of small organization. In case of bug organizations or\nmultinational organization, a committee may be formed and assigned the duty of\ncollecting the information. Information can be collected not only from within\nthe organization but also from outside the organization.<\/p>\n\n\n\n<p><em><strong>ANALYSIS OF THE INFORMATION<\/strong><\/em><\/p>\n\n\n\n<p>Collected information must be analyzed to assess the value\nof the information. Proper attention should be paid to the attitudes,\naspirations and customs of the employees and the philosophy of the top\nmanagement people should also be considered. Widespread consultation and\ndiscussions ate held with experts for analyzing the information.<\/p>\n\n\n\n<p><strong><em>IDENTIFICATION OF ALTERNATIVES<\/em><\/strong><\/p>\n\n\n\n<p>On the basis of collected information, different alternative\npolicies are developed to achieve the objectives of the organization. Here the\nalternative policies are formed with the help of active participation of the\nemployees. Active participation of the employees helps the easy implementation\nof the policy.<\/p>\n\n\n\n<p><strong><em>APPRAISAL OF THE POLICIES<\/em><\/strong><\/p>\n\n\n\n<p>Appraisal of the policies is very important. Feasibility,\nfinancial implication, pros and cons of each policy are taken into\nconsideration while appraising a policy. Value of a policy could be correctly\nassessed only through the process of appraisal of policies.<\/p>\n\n\n\n<p><strong><em>SELECTION OF A POLICY<\/em><\/strong><\/p>\n\n\n\n<p>Management can select anyone of the policies among the\nappraised policies which is most suitable for a particular situation. The appraisal\nprocess of policies facilitates the management to select or formulate the best\npolicy.<\/p>\n\n\n\n<p><strong><em>APPROVAL OF THE POLICY<\/em><\/strong><\/p>\n\n\n\n<p>The policy draft should be sent to the top management at the\nright time for its approval. The top management has to approve the policy only\nafter considering whether a policy represents the objectives of the\norganization or not.<\/p>\n\n\n\n<p><strong><em>COMMUNICATION THE POLICY<\/em><\/strong><\/p>\n\n\n\n<p>The approved policy should be communicated to the concerned persons. Policy manual has to be prepared or meetings have to be conducted for communicating the policy. Besides, an educational programmer may be conducted to educate the employees as how to apply the new policy. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management\/\">Management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-of-management\/\">Objectives of management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/functions-of-management\/\">Functions of management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-management\/\">Process of management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management-is-an-art\/\">Management as an art<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-as-a-science\/\">Management as a science<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-as-profession\/\">Management as a profession<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-stock-company\/\">Company<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/incentive-plans\/\">Incentive plans<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/14-principles-of-management-by-henri-fayol\/\">14 principles of management by Henry Fayol<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/principles-of-scientific-management\/\">Principles of scientific management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scientific-management\/\">Scientific management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/what-is-work-study\/\">Work study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/time-study\/\">Time study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/motion-study\/\">Motion study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/method-study\/\">Method study<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/planning\/\">Planning<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/importance-of-planning-in-management\/\">Importance of planning in management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/benefits-of-planning-in-business\/\">Advantages of planning in business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-planning\/\">Process of planning<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/types-of-planning-in-business\/\">Types of planning in business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/setting-objectives-in-management\/\">Setting objectives in management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives\/\">Objectives<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/smart-test\/\">SMART test<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management-by-objectives\/\">Management by objectives<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/policies-in-business\/\">Policies in Business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-and-business-administration\/\">Management and business administration<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/functional-areas-of-management\/\">Functional areas of management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/limited-liability-partnership\/\">Limited Liability partnership<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-llp-and-company\/\">LLP Vs company<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-llp-and-partnership\/\">LLP vs Partnership<\/a><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"152\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg\" alt=\"POLICY AND PLANNING\" class=\"wp-image-4836\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg 512w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1-300x89.jpg 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><figcaption>POLICY AND PLANNING<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>POLICY AND PLANNING Policy and Planning are complementary to each other. Policy formulation is an important aspect of the planning. The smooth working of an organization requires the formulation of the policies. A well thought exercise is essential to formulate the sound and effective policy. The following is the procedure to formulate the policies: DEFINING&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/policy-and-planning\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;POLICY AND PLANNING&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":3081,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[216,227],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3080"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=3080"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/3081"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=3080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=3080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=3080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}