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Choosing a structure for a company is an important decision and must be strategically thought out because it could either aid or harm the making of business. The structure must also be a good fit for the type of activities, goals, and vision of the company. [3] The organizational structure is a reflection of how conveniently business is conducted.
An organizational chart, also called organigram, organogram, or organizational breakdown structure (OBS), is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs. The term is also used for similar diagrams, for example ones showing the different elements of a field of ...
Organizational structure allows the expressed allocation of responsibilities for different functions and processes to different entities such as the branch, department, workgroup, and individual. [4] Organizations need to be efficient, flexible, innovative and caring in order to achieve a sustainable competitive advantage. [5]
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
In business, the business owner traditionally occupies the pinnacle of the organization. Most modern large companies lack a single dominant shareholder and for most purposes delegate the collective power of the business owners to a board of directors, which in turn delegates the day-to-day running of the company to a managing director or CEO. [9]
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A staff function is an alternate function of people in a business that do not partake instantly in an activity as they help the line functions to reach their targets. [5] The business world is changing very rapidly and each day new kinds of issues and problems crop up. It requires specialised input to deal with these changing conditions.
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