Delegation
Delegation can be described as an administrative process under which things are made to be done by others and for this purpose; responsibility is also given to them. For example, the board of directors takes all the significant decisions in an organization. The execution of these decisions is given to the Chief Executive Officer (CEO) of the organization. The chief executive assigns particular tasks to the managers of different departments and in turn these managers delegate the authority to complete the task to their subordinates. In this way, all the superiors in an organization delegate authority to their subordinates in the organization so that a particular task may be completed. This process goes on to the level where the employees perform the actual task. The person who has been given the responsibility to get a particular task completed is also provided the required authority so that the person may get the task completed.

A limit is present to the extent to which the subordinates can be supervised by a person. When the number of subordinates increases beyond this point, then the person has to delegate his authority to other persons who have to perform the task of supervision for such a person. Therefore the job of a manager is not evaluated from the work that is actually performed by such a manager on his own but on the basis of the work that the manager has got done from his subordinates. Therefore, the manager assigns duties and authority to the subordinates and makes sure that the desired organizational goals are achieved by the subordinates.

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Responsibility
Responsibility can be described as the obligation to do something. It is the duty that a person is required to perform in organizational tasks, assignments or functions. At this point, it needs to be noted that authority and responsibility go side by side. Therefore when authority is delegated to a person, some responsibility is also fixed for getting the assigned task completed. At the same time, it is also worth mentioning that while authority can be delegated, responsibility cannot be delegated. There are certain features of responsibility.

o Responsibility arises in case of a superior-subordinate relationship;
o Responsibility always flows upwards, from juniors to seniors;
o Responsibility arises due to the duty assigned;
o Responsibility cannot be delegated;
o Responsibility is the obligation to complete the job according to instructions.

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Authority can be described as the level of discretion that has been provided to the people to make their own judgment regarding significant matters. Generally, it has been seen that in case of small organizations, the decision-making power is held by a few persons only. However, with the increase in the size of the organization, the need arises to delegate authority to more and more person so that the increasing work of the organization can be completed effectively. It is not possible for a single person in the organization to do all the work that is necessary to achieve the purpose of the group. Therefore it is also not possible that all the authority to make the relevant decisions should be exercised by only a single person, particularly when the size of the organization is very large. In this context, authority can be described as the right of a person to give orders and also to make sure that these orders are followed. The elements of authority can be described as follows:

i. A right is present in case of authority. This right is provided to the person by a superior. As a result of this right, a person can regulate the behavior of the subordinates.

ii. The right present in authority to give orders to subordinates is a legitimate right.

iii. The right of making a decision is also a part of authority. This allows a person to decide what needs to be done and also the fact that when a task has to be done and who is going to do it.

iv. Authority is conferred with a view to influence the behavior of the subordinate and to make sure that the right things are done at the right moment.

v. In all the cases, the exercise of authority is subjective. The personality of the person who has the authority and the person on whom it is exercised, have an impact on authority.

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There are certain characteristics of budgets, these are:-
A budget has to be based on the figures from the past. However it is also required to take into consideration the possibilities of future.

But it is also required to be flexible so that it can be modified if the need arises in future as a result of changing circumstances. It is possible that difficulties may be created for the management by the rigidity in budget.

The employees at different levels within the organization are required to be involved in the preparation of the budget. This helps in ensuring the willing cooperation of the employees when the management is going to implement the budget.

Budget has to be a specific statement. Therefore it should clearly mention the monitor information on quantities. It is very important that the top management of the organization is actively involved in the preparation of the budget.

Need for preparing budgets
Budgeting is considered as essential for the functions of planning and control. There are certain reasons due to which budgets are considered as being essential for the organization.

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In the process of planning, there is an establishment of business objectives and also the allocation of organizational resources in order to achieve these objectives. It is the process of deciding the future course of action that has to be taken by the organization in order to fully utilize the resources available with the organization. In this way, the process of planning can be described as a combination of finding information and decision making that is based on information inputs, outputs as well as a feedback loop.

Steps in the process of planning: there are different steps that are involved in the process of planning. These range from deciding the problem to taking the follow-up action. Therefore the steps that are involved in this process can be described as:-

1. Recognizing the need for action: the first step that is involved in the process of planning requires the awareness regarding business opportunity and also the need to take action. In this regard, the present as well as the opportunities that may arise in the future need to be discovered so that the managers can make plans for them. At the same time, the current economic trends are also required to be considered. An example can be given in this regard of a situation where the government of a country is willing to develop the rural areas as industrial centers, it will be considered by any farsighted organization that units should be established in these areas so that the facilities that may be offered by the government for this purpose can be availed by the organization.

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