MANAGEMENT

Detailed explanation-1: -Corporate structured businesses typically have five major departments, including finance, marketing, operations management, human resources and information technology, so publicly traded corporations may require all of these five major divisions.

Detailed explanation-2: -Five elements create an organizational structure: job design, departmentation, delegation, span of control and chain of command. These elements comprise an organizational chart and create the organizational structure itself. “Departmentation” refers to the way an organization structures its jobs to coordinate work.

Detailed explanation-3: -This is because being grouped together allows the functions to benefit from specialisation and division of labour. This leads to lower unit costs and a greater efficiency.

Detailed explanation-4: -The four types of organizational structures are functional, multi-divisional, flat, and matrix structures. Others include circular, team-based, and network structures.