Question
In an organization the delegation of authority results
in prompt ________Solution
Delegation occurs when someone with authority confers upon another person the power to do a particular task. Delegation is usually a one-way street - superiors delegate authority to subordinates. However, ultimate responsibility for task completion usually remains the responsibility of the person who delegated the authority to complete it. For example, a sale manager in an enterprise can share his duties with his immediate subordinates who in turn delegate them to their subordinates. The process of delegation of authority results in what is known as 'boss-subordinate relationship" and also gives rise to an organization.
In a situation, when a company borrows money to be paid back at a future date with interest, it is known _____.Â
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