Chapter 17 Section 1

• Economie
• Tertiary Education

Is it a policy or a rule?

An employer asks an employee to arrive at work at 8 AM

Objectives

• Describe a rule
• Analyze the difference between rule and policy
• Discuss the importance of operational policy

Chapter 17

Section 1:Managing Operations

Pages 397-401

A rule is a standard that is set forth to

guide behavior or actions.

What rules do you like, which you think are helpful?What rules that you do not like? Consider how things would be different if there
were no rules to follow. Do they think you would
enjoy a home or school or place of work if there
were no rules? Why or why not?

What is a standard that set forth to guide behavior and actions?

1. Contract
2. Policy
3. Rule
4. Operational policy

Policy

A policy is a statement of guiding

principles and procedures that serves as a guideline

for daily business operations.

How
policies differ from rules?

State policies you will include in your business.

Operational Policy

 General directives whose purpose is to regulate the assistance provided by the Bank to its borrowers, define development strategies, and provide a high-level guide for operational decisions.

Why are operational policies necessary?

Activity 3

Think of a  local store you visit regularly and
find the store’s return policy. Share the return policies and answer the given questions : Is the policy clear? Do you think customers will understand the policy? Was the policy posted in an obvious place in the store? What changes  would you make to the policy to make it more customer-friendly.

Answer here

Write a credit policy for your business. Will you offer credit to customers? If so, what criteria will you use to determine eligibility for credit? What will the payment
terms be?

Ask questions to your friends.