PoliciesThese are basic guidelines

Policies
These are basic guidelines for action. The indicated what is permitted and what is not permitted. Policies are broad, general guides for action which constrain or direct objective attainment. Ex. Promotion policy.
Procedures
Series of related steps expressed in chronological order for a specific purpose. It outlines precisely how a recurring activity must be accomplished.
Rules
Require specific and definite actions for a given situation. It permit no flexibility and deviation. Do not have to specify sequence.
Budget
Plan stated in financial terms. Estimate of income and expenditures for a future period.
Philosophy
The values and beliefs an organization holds as the guiding light is the company’s philosophy. Usually passed on by the founder of the organization.
Strategy
- Method of shaping a company’s future and involves determining the long-run direction of the organization.