An investment policy can be defined as a set of guidelines or principles that a person or organization follows when making investment decisions. This policy outlines the objectives and strategies to be implemented, along with risk management guidelines. Synonyms for investment policy include investment strategy, investment plan, portfolio management plan, asset allocation plan, investment philosophy, and investment approach. Some other synonyms are capital allocation, investment guidelines, investment mandate, and investment framework. Regardless of the term used, an investment policy should be carefully crafted and consistently applied to ensure that investment decisions are made in line with personal or organizational objectives.