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 [...]
This article throws light upon the top five functions of a finance manager. The functions are: 1. Financial Forecasting and Planning 2. Acquisition of Funds 3. Investment of Funds 4. Helping in Valuating Decisions 5. Maintain Proper Liquidity. Finance Manager: Function # 1. Financial Forecasting and Planning: A financial manager has to estimate the financial needs of a business. How [...]