Delegation involves assigning authority and accountability to others to carry out tasks. It has advantages like increasing employee motivation, allowing for innovation, and developing skills. However, it also has disadvantages like increased business risk if not monitored properly. Effective delegation involves clarifying objectives and standards, providing appropriate authority and support, setting deadlines, and reviewing results rather than methods. The key steps are deciding which tasks to delegate, assigning people, providing resources, delegating, providing support, and getting feedback.