I've been doing research on policy sets over the past little while and am trying to find more information about them. I believe I have a good idea of the answer to this question but I wanted to confirm.
To my understanding in WAS you have a server -> server profile -> policy sets -> services deployed to your server / server profile.
So that would mean that the only ways to define a policy set and apply it to multiple services at the same time would be to define the policy set within the context of a server profile and then apply it to any of the services that were deployed to that server/profile. We could also define a profile with certain policy sets and apply it to disparate servers that were housing different services?
Does that all sounds correct?
I just found out that what I mentioned in the original question is not completely true.
It turns out that you are able to define a policy set and then export it to your local drive and apply it to any server you like. This means that policy sets are not dependent on any parent, child relationship, rather they can be put into the appropriate slot as needed.