A summary describing the purpose of an organization is known as what?

A summary describing the purpose of an organization is called a mission statement. This document captures the organization's core purpose, its primary objectives, and its overall values. It serves as a guiding light for decision-making within the organization and helps communicate its intent and direction to both internal and external stakeholders.

A mission statement delineates what the organization does and aims to accomplish, fostering alignment among team members and providing a framework for strategic planning. It is distinct from other options, such as a vision statement, which articulates where the organization aspires to be in the future. Company policy refers to the guidelines and principles that govern how an organization operates, while performance evaluation assesses individual or team performance against established standards. Each of these serves a different function within an organization, but the mission statement specifically focuses on its fundamental purpose and reason for existence.