Policies:
i. Policies are general statements that guide thinking or channelize energies towards a particular direction.
ii. There are expressed in the form of a general statement. Policies in general are formulated at top management level.
iii. Policies serve as bridges between organizational purposes and performance. Policy centered thinking on the part of managers is considered as a healthy sign and hence is encouraged in organizations.
iv. For example, a company may have policy “to make payments more than fifty thousand by cheque”.
