Question

Fill in the Blank with suitable word: 5. The concentration of decision-making authority in the hands of management is known as​

Answer 1

Answer:

Centralisation refers to a situation where the decision making power is concentrated only in the hands of the top level management.

Answer 2

Answer:

The concentration of decision-making authority in the hands of management is known as CENTRALIZATION.

Explanation:

In any business association, the concentration of authority and powers in the possession of top management is referred to as centralization, all that which goes to lessens the significance of subordinates' job in an association is known as centralization.

Centralization is supposed to be an interaction where the concentration of independent direction is in a couple of hands. Every one of the significant choices and activities at the lower level, all subjects and activities at the lower level are dependent upon the endorsement of top management.