Which term describes the management process of an organization including policies and decision-making roles?

The term that accurately describes the management process of an organization, including the establishment of policies and defining decision-making roles, is governance. Governance encompasses the frameworks, principles, and processes that guide management and help organizations achieve their objectives.

This concept involves the strategic direction provided by the board of directors or other governing bodies, and it encompasses accountability, stakeholder engagement, and alignment of organizational strategy with mission and values. Governance is essential for ensuring that the organization operates effectively and ethically while managing risks and fulfilling its obligations to stakeholders.

Other terms, while related, do not encapsulate the full scope of the management process. Oversight typically refers to the monitoring of performance and compliance, which is just one aspect of governance. Compliance focuses on adhering to laws, regulations, and internal policies, lacking the broader management perspective. Administration usually pertains to the execution of policies and day-to-day operations, rather than the strategic management and decision-making frameworks that governance encompasses.