Distinguish between policy and procedure.

Answer»

BASIS FOR COMPARISON	POLICIES	PROCEDURES
Meaning	A precise statement which contains the set of principles acting as guidelines for achieving the goals of an organization is known as Policy.	The Procedure is a systematic sequence for an activity or task which is predefined by an organization.
Nature	Policies are flexible in nature, i.e. they allow exceptional situations.	Procedures are rigid in nature.
Reflects	The mission of the organization.	Practical applicability of the policies.

Discussion