Global Economy and Financial System
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Advanced Business and Financial Management — CAIIB.
One-liners from this chapter
Free sample — 8 of 74 rapid-fire Q&A cards.
What is organising as a function of management?
The second core function (after Planning) that converts plans into action by arranging people working together for a common goal.
In its simplest sense, what is organisation?
People working together for a common goal.
Which functions does organising sit between in the management sequence?
It follows Planning and precedes Staffing, Directing and Controlling.
What are the four elements of organisation?
Identifying and grouping activities; assigning activities; providing authority (with delegation, co-ordination, communication); providing facilities and equipment.
How did Koontz and O'Donnell define organisation?
The establishment of authority relationships with provision for co-ordination between them, both vertically and horizontally in the enterprise structure.
How did Wheeler define organisation?
A process of fixing duties and responsibilities of persons in an enterprise so that organisational goals are achieved.
How did Allen define organisation?
An instrument for achieving organisational goals where each person's work is defined and authority and responsibility are fixed.
Which definition stresses authority plus vertical and horizontal co-ordination?
Koontz and O'Donnell.
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