A policy statement is a formal document that outlines an organization's beliefs, values, goals, and objectives. It is an important document that sets out the guiding principles that employees should follow when carrying out their duties. A policy statement can also be referred to as a mission statement, a code of conduct, a guideline, a protocol, or a standard operating procedure. These synonyms all refer to established and written principles that guide the decision-making process in an organization, ensuring that everyone is on the same page and working towards the same goals in a consistent manner. By using these synonyms interchangeably, businesses can more effectively communicate and enforce their policies and procedures.