šŸ“¢ Too many exams? Donā€™t know which one suits you best? Book Your Free Expert šŸ‘‰ call Now!

    āš” Month End Offer - Flat 52% Off On All Courses! Enroll Now āš”
    00:00:00 AM Left

    Question

    Delegation is considered as an important principle in

    management. It is a part of the _______ Ā management function Refer to the following information to answer the next 4 questionsĀ  Management has been described as a social process involving responsibility for economical and effective planning and regulation of operation of an enterprise in the fulfillment of given purposes. It is a dynamic process consisting of various elements and activities. These activities are different from operative functions like marketing, finance, purchase etc. Rather these activities are common to each and every manger irrespective of his level or status. Different experts have classified functions of management. According toĀ George & Jerry, ā€œThere are four fundamental functions of management i.e. planning, organizing, actuating and controllingā€. According to Henry Fayol, ā€œTo manage is to forecast and plan, to organize, to command, & to controlā€. Whereas Luther Gullick has given a keyword ā€™POSDCORBā€™ where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. But the most widely accepted are functions of management given by KOONTZ and Oā€™DONNEL i.e. Planning, Organizing, Staffing, Directing and Controlling. Source: www.managementstudyguide.com
    A Planning Correct Answer Incorrect Answer
    B Organising Correct Answer Incorrect Answer
    C Staffing Correct Answer Incorrect Answer
    D Directing Correct Answer Incorrect Answer
    E Controlling Correct Answer Incorrect Answer

    Solution

    Organizing is the process of bringing together physical, financial and human resources and developing productive relationship amongst them for achievement of organizational goals. According to Henry Fayol, ā€œTo organize a business is to provide it with everything useful or its functioning i.e. raw material, tools, capital and personnelā€™sā€. To organize a business involves determining & providing human and non-human resources to the organizational structure. Organizing as a process involves:

    • Identification of activities.
    • Classification of grouping of activities.
    • Assignment of duties.
    • Delegation of authority and creation of responsibility.
    • Coordinating authority and responsibility relationships.

    Practice Next
    More Alternate Sources of Finance Questions
    ask-question