Approvals

Approvals refer to the formal consent or agreement granted for something to happen or proceed. This authorization typically involves a process of review and validation by relevant authorities or individuals, ensuring the proposal aligns with established standards, policies, or regulations. They are often required for projects, transactions, or actions that have potential implications or impact on others. The need for approvals often arises from a need to manage risk, ensure compliance, and maintain control over processes.

Approvals meaning with examples

• The construction project required numerous approvals from the city council, including permits for building, zoning, and environmental impact. The project's commencement was contingent on securing all these essential approvals, detailing specifications and compliance to local guidelines. Delays in obtaining the necessary approvals significantly impacted the project's timeline and budget.
• Financial transactions, such as loans or investments, require approvals from the relevant departments or superiors. Before approving a significant loan, the bank carefully scrutinizes the applicant's credit history and financial documentation, ensuring proper due diligence to confirm their ability to repay.
• Before a new drug can be released, it needs approvals from the Food and Drug Administration (FDA) which guarantees safety and efficiency. Obtaining these approvals can be a lengthy and expensive procedure, necessitating exhaustive clinical trials, tests, and documentation.
• The organization implemented a new travel policy, which necessitates approvals from managers for all business trips. This system, streamlines the budget control and improves the security measures that are in place for employees who are traveling for business.
• The marketing campaign for the new product needs approvals from the legal and compliance teams. It ensures compliance with advertising standards, consumer protection laws, and privacy regulations. This rigorous process is essential to protect the company from penalties or public relations issues.