ENTREPRENEURSHIP

Detailed explanation-1: -Centralized authority means that the retention of powers and control concerning planning and decisions lies with the top management. All-important rights and might are in the hands of the top-level executives.

Detailed explanation-2: -A centralized organization directs its authority from the top management down through hierarchical channels with only a few top managers in charge of overall decision making. This is known as the chain of command.

Detailed explanation-3: -But, under a centralized structure, authority is concentrated on top-level managers. The higher the level of the manager, the higher the decision-making power. And top managers have ultimate power. The decentralized structure gives subordinates more responsibility for making decisions.

Detailed explanation-4: -Meaning of Centralization Centralization is a form of organizational structure where the decision making capability rests with the top management.