I had come across this article on policy formulation which I am sharing. Please note that this may be used only as a guide since policies are organization specific and the context in which the policy works is very important. Also, formulating a policy requires a good understanding of organization needs, business needs and people needs. A variety of stakeholders must be taken into account. Furthermore, consequential management must be given due thought while implementing the policies.
Regards 9th July 2009 From India, Mumbai