Delegation is the process of transferring responsibility and authority from one individual to another. It is an important management technique that allows managers to distribute workload, empower employees, and foster growth and development within the organization.

Let`s dissect each option to understand the correctness of the statements about delegation:

Option 1: "It is the abdication of responsibility."

This statement is incorrect. Delegation is not about abdicating or giving up responsibility, but rather about assigning and entrusting responsibility to others while still maintaining accountability.

Option 2: "It means conferring of specified authority by a lower authority to a higher one."

This statement is incorrect. In delegation, authority is transferred from a higher authority (manager) to a lower one (subordinate). It is about empowering subordinates with the necessary authority to perform tasks and make decisions.

Option 3: "It is subject to supervision and review."

This statement is correct. Delegation involves supervision and review to ensure that tasks are being performed effectively and efficiently. The manager retains the ultimate responsibility for the delegated tasks and must provide guidance and support as needed.

Option 4: "It is a method of dividing authority in the organization."

This statement is correct. Delegation is indeed a method of dividing authority in the organization.