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Organizational Structure - ORGANIZATIONAL STRUCTURE ,...

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ORGANIZATIONAL STRUCTURE In order to assist in carrying out management functions, most companies prepare  organization  charts  to show the interrelationships of activities and the delegation of authority and responsibility  within the company. Illustration  14-2  shows a typical organization chart, which outlines the  delegation of responsibility.  Illustration 14-2    Corporation's organization chart Stockholders own the corporation, but they manage it indirectly through a  board of directors  they  elect. Even not-for-profit organizations have boards of directors. The board formulates the operating  policies for the company or organization. The board also selects officers, such as a president and one  or more vice presidents, to execute policy and to perform daily management functions.
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The  chief executive officer (CEO)  has overall responsibility for managing the business. Obviously, 
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