Final answer:
Coordination is the process of connecting tasks, activities, jobs, departments, and people for a common purpose. It involves aligning individuals and departments towards shared goals.
Step-by-step explanation:
Coordination is the process of connecting tasks, activities, jobs, departments, and people in order to achieve a common purpose. It involves ensuring that all individuals and departments work together efficiently and effectively towards shared goals.
For example, in a business setting, coordination may involve aligning various departments such as marketing, sales, and production to ensure smooth operations and maximize overall performance. This may include setting up regular meetings, sharing information, and establishing clear communication channels.
Transaction costs and conformity costs play a crucial role in coordination. Transaction costs refer to the expenses incurred in coordinating and managing activities, such as time spent on meetings or coordinating efforts. On the other hand, conformity costs are the potential loss or inconvenience associated with conforming to coordinated actions or decisions.