Key Knowledge 5

Question 1

Policy

Answer 1

A written set of broad guidelines to be followed by all employees when making important decisions.

Question 2

Procedure

Answer 2

A series of actions that enable a policy to be put into practice.

Question 3

Processes

Answer 3

used to develop and update policies, as well as ensure they follow legal regulations

Question 4

Advantages of using policies and procedures

Answer 4

• Helps employees knows the standards of behaviour and performance
• Can help prevent legal and compliance issues

Question 5

Disadvantages of using policies and procedures

Answer 5

• Can be costly to develop due to the need for legal expertise
• Can restrict innovation and flexibility