BU288 Lecture 1: Bu288 lectur 1
Document Summary
Deals with strategic decisions that decide the long-term health of an enterprise. It is a comprehensive plan of action designed to meet certain specific goals. It offers guidelines for managers to take appropriate decisions. Strategies can be modified as per the situation, so they are dynamic in nature. Policies are uniform in nature, however relaxations can be made for unexpected situations. It is a means of putting a policy into effect within certain time limits. It is a general course of action with no defined time limits. Deals with those decisions which have not been encountered before in quite the same form, for which no predetermined or ordered responses subsist in the organization and which are significant in terms of the resources committed. It is a guide to action in areas of recurring activity. Always framed by the top management but sub strategies are formulated at the middle level. Policy, in general made by the top management.
