Management Notes

Reference Notes for Management

Policy formulation is the function of

Policy formulation is the function of

A) Top level managers
B) Middle level managers
C) Operational management
D) All of the above

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The Correct Answer for the given question is Option A) Top level managers


Policy formulation is the function of Top level managers in an organization. It is the top level management which sets policy for all the company’s activities and ensures their success. It is made up of the Board of Directors and the Chief Executive or Managing Director. It is responsible for setting the company’s goals and policies. It is accountable to the shareholders for the overall management.

Besides Policy Formulation some of the other major functions of Top level Managers are as follows:

  • Determination of Objectives
  • Long Range Planning and Strategy
  • Organizing for Action
  • Developing of Major Resources
  • Selecting Key Personnel
  • Co-ordination and Controlling

The more management levels through which a message passes, the


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