After reading this article you will learn about the environmental and functional challenges faced by managers in an organisation. Environmental Challenges: In a liberalised and globalized economy, managers face the following environmental challenges: 1. Economic environment: In the market economy of today, consumers are free to buy what they want and producers are free to produce what they want. Keeping [...]
After reading this article you will learn about the Authority of Managers:- 1. Meaning of Authority 2. Characteristics of Authority 3. Types. Meaning of Authority: Authority is the formal right to do the work. Henry Fayol defined the authority as "the right to give orders and the power to exact obedience. Authority gives the management the power to enforce obedience. [...]
Meaning of Responsibility: Generally in the organisations, Managers have authority. Therefore, they are responsible for other people, money and resources. Thus, responsibility is defined as "the accountability for authority". Accountability is the management philosophy whereby individuals are held accountable for how well they use their authority and live up to their responsibility of performing pre-determined activities. "Responsibility" is used in [...]