Policy formulation is the function of

(a) top level managers

(b) middle level managers

(c) operational management

(d) all of the above

Policy formulation is the function of the top level managers. They are the ones, responsible for developing the policies and goals for the organization. On the other hand, middle level managers interpret these policies in terms of plans and objectives and works towards implementing them with the help of the operational management. The operational management as per the instructions of the middle management directly oversees the actual work process.