IMPACT OF BUSINESS POLICY IMPLEMENTATION ON PERFORMANCE OF BUSINESS ENTERPRISES
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IMPACT OF BUSINESS POLICY IMPLEMENTATION ON PERFORMANCE OF BUSINESS ENTERPRISES
Chapter one
INTRODUCTION
1.1 Background of the Study.
Policy is a guideline that establishes a parameter for making decisions. It is a broad guide to action that places sensible constraints on a manager’s conduct. As such, policies serve as behavioural guidelines, defining what managers can and cannot do.
Generally, policies offer managers with criteria to follow in order to attain organisational goals. However, in other circumstances, significant policies direct the execution of primary aims as well.
Business policy is thus a description, either spoken or implicit, of the values and functions established by executive leadership to serve as a guide and restraint on what should be.
Business policy, like most other areas of management, benefits the organisation and its managers from years of distilled strategic decision-making expertise. Understanding the impact of business policy implementation on the performance of businesses may also result in improved performance.
Middle-level managers must comprehend the relationship between organisational units and how a specific execution of managerial functions such as coordination and communication aids in the prevention of interdepartmental conflicts.
The importance of performance assessment of an enterprise system resulting from business policy implementation provides an executive with advantages from a variety of sources, including intangible benefits of satisfaction and tangible gains of production, as well as an understanding of the business environment and the organisation in which the executive works.
The purpose of this study was to analyse the impact of business policy implementation at various levels of management from both a generalist and a specialist perspective.
1.2 Statement of Problem
A policy is a set of guidelines for action that help an organisation accomplish a long-term or overall goal.
Policy implementation refers to the day-to-day use of policy by personnel in making management, operational, and functional choices. It also aids in numerous aspects of management.
The policy statement should be definite, positive, clear, and understandable to everyone in the organisation who will be operating under it.
There should be enough policies to cover the required conditions in an organisation, but not so many that they become confused or meaningless.
Policy should be founded on organisational facts, judgement, and flexibility, but with a high level of permanence. According to Ewurum and Unamka (1995), effective operating decisions should be tied to the organization’s objectives in order to have a high level of impact on production.
There is no doubt that there is a link between firm performance and business policy, but the challenge of identifying the right variables to establish their relationship remains.
Previous attempts to measure firm performance have identified some important variables such as production effectiveness and efficiency (production), clients, employee well-being, and corporate social responsibility (satisfaction).
This study was designed to evaluate the effects of management, operational, and functional decisions on the following performance variables: production effectiveness and efficiency (production), as well as customer, employee, and corporate social responsibility (satisfaction).
1.3 Objectives of the Study
This study was designed to evaluate the influence of business policy implementation on the performance of businesses. The objectives are as follows.
To investigate the effects of managerial decisions on production.
To assess the impact of operational decisions on production.
To assess the effect of functional decisions on production.
To investigate the impact of managerial decisions on satisfaction.
To assess the effect of operative decisions on satisfaction.
To assess the effect of functional decisions on satisfaction.
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