POLICY

Risk Management and Decision Making Glossary

Risk Management and Decision Making — Policy

 

 

 

 

 

 

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Information on Policy

A policy is established as guiding rule(s) applied to a point in a system. This rule [, or set of rules,] is applied continually as time passes and even as circumstances change. It is critical to understand that policy has two components. The first component of policy is structure; the form of the equation and the corresponding set of links on the influence diagram. [The influence diagram describes most influential concepts, factors, or forces acting and the interrelationships between them]. The second is the parameters within a given structure. A policy specifies how actions should be taken in the information / action / consequences paradigm, noting an emphasis on the repetitiveness of the actions (Coyle, 1996; 222). Also see pressure point.


Other topics in our resources on Risk Management and Decision Making related to Policy include: 
 
  • pressure point
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