Policy is a systematic approach to guide various steps and attain rational results. A policy is an unambiguous statement of purpose and is applied as a formal process or document. Policies are normally adopted by an organizational governance body as a part of the overall corporate strategy. It encircles the policies related to the achievement of organizational objectives and the conduct of business activities. Policy frameworks specify the methods to be used to realize the policy.
Policy frameworks are typically categorized into different types and levels of organization. Policy frameworks specify the methods to be used to realize the policy, the kinds of policies to be adopted, the procedures to be followed and the timescales for implementation. The different types of policies may be in the form of structural policies, such as those affecting ownership and control, or functional policies, such as those concerning workers compensation.
In some cases, a policy may need to be reviewed periodically to determine if it is still relevant and useful. Policy review aims at ensuring that the organization is still operating in an appropriate manner. Policy reviews are usually performed by an independent board. Such a board will perform a thorough analysis of the current policy cycle, identify potential policy implications and recommend ways to make the policy more relevant and effective to the organization. Policy reviews are an important part of any policy implementation process.
Policy management is an essential procedure for the smooth running of internal processes. Internal policies need to be managed and controlled in accordance with policies laid down by higher officials. This is also referred to as policy enforcement or administrative procedures. The responsibility of policy management is shared between the leaders of the organization and the officers responsible for overseeing the organization’s policies.
Policy implementation is the result of a lot of planning, drafting and analyzing. Policies are developed in relation to goals and objectives of the organization. Policy implementation is usually done through systematic processes that involve consultation with key stakeholders, defining policies and their objectives, monitoring and measuring the effectiveness of policies, reporting annually to the Board of Directors on the status of policies and procedures, publishing the Policy Manual and regularly evaluating the success of policies. Internal policies must be developed in line with the larger objectives of the organization.
Policy analysis is an important function of policy implementation. Analysis of policy issues is required before policies can be implemented. Policy analysis requires the expertise of many different people including the managers, researchers, executives, stake holders, consultants, and other professionals. Analysts use various techniques in policy analysis such as research, data analysis, case studies, event studies, surveys and case studies among others. There are also methods that are used to evaluate policy-related data and information such as case studies, qualitative studies, case studies using mixed-models, event studies using elicitation methods, meta-analyses and cluster randomized trials.