Definition: The Delegation of Authority is a process wherein the manager assigns responsibility to its subordinate along with the certain authority to accomplish the task on the manager’s behalf. Process of Delegation of Authority The process of delegation of authority comprises of four steps which are as follows: Assignment of Duties to Subordinates: Before the … [Read more...] about Process of Delegation of Authority
Principles of Delegation of Authority
Definition: The Delegation of Authority is a process through which a manager assigns responsibility to the subordinate to carry out the work on his behalf. Also, a certain authority is delegated to the subordinate to the extent, which is sufficient to accomplish the assigned responsibility. Principles of Delegation of Authority Following are the guidelines that can be … [Read more...] about Principles of Delegation of Authority
Elements of Delegation of Authority
Definition: The Delegation of Authority is a process through which manager assigns responsibility to the subordinate with a certain level of authority, i.e. power to take decisions, in order to accomplish certain assignments on the manager’s behalf. Elements of Delegation of Authority There are three major elements of delegation of authority: Responsibility: The … [Read more...] about Elements of Delegation of Authority
Delegation of Authority
Definition: The Delegation of Authority is an organizational process wherein, the manager divides his work among the subordinates and give them the responsibility to accomplish the respective tasks. Along with the responsibility, he also shares the authority, i.e. the power to take decisions with the subordinates, such that responsibilities can be completed efficiently. In … [Read more...] about Delegation of Authority
Factors Determining Span of Management
Definition: The Span of Management refers to the number of subordinates who report directly to a manager. Factors Determining Span of Management The span of management can be determined on the basis of a number of relationships that a manager can manage. These are: Capacity of Superior: Here the capacity means the ability of a superior to comprehend the … [Read more...] about Factors Determining Span of Management
Span of Management
Definition: The Span of Management refers to the number of subordinates who can be managed efficiently by a superior. Simply, the manager having the group of subordinates who report him directly is called as the span of management. The Span of Management has two implications: Influences the complexities of the individual manager's job Determine the shape or … [Read more...] about Span of Management
Monopoly Market
Definition: The Monopoly is a market structure characterized by a single seller, selling the unique product with the restriction for a new firm to enter the market. Simply, monopoly is a form of market where there is a single seller selling a particular commodity for which there are no close substitutes. Features of Monopoly Market Under monopoly, the firm has … [Read more...] about Monopoly Market
Types of Oligopoly Market
Definition: The Oligopoly is a market structure wherein few sellers dominate the market and sell the homogeneous or heterogeneous products. Types of Oligopoly Market Open Vs Closed Oligopoly: This classification is made on the basis of freedom to enter into the new industry. An open Oligopoly is the market situation wherein firm can enter into the industry any … [Read more...] about Types of Oligopoly Market
Oligopoly Market
Definition: The Oligopoly Market characterized by few sellers, selling the homogeneous or differentiated products. In other words, the Oligopoly market structure lies between the pure monopoly and monopolistic competition, where few sellers dominate the market and have control over the price of the product. Under the Oligopoly market, a firm either produces: Homogeneous … [Read more...] about Oligopoly Market
Monopolistic Competition
Definition: Under, the Monopolistic Competition, there are a large number of firms that produce differentiated products which are close substitutes for each other. In other words, large sellers selling the products that are similar, but not identical and compete with each other on other factors besides price. Features of Monopolistic Competition Product … [Read more...] about Monopolistic Competition