Distinguish the major differences and similarities between Public and Private

Administration. Explain each

Public and private administration are two distinct fields that share certain
similarities but display crucial differences. Firstly, the main similarity between
public and private administration lies in their fundamental objective of managing
resources efficiently to achieve organizational goals. However, their approaches to
achieving these objectives differ significantly. Public administration operates
within the framework of government institutions, focusing on serving collective
interests while maintaining transparency and accountability. In contrast, private
administration is governed by profit-driven principles within the realm of
businesses, prioritizing individual interests and initiatives for revenue generation.
Another crucial distinction between the two lies in funding sources; public
administrators rely on taxpayer funds whereas private administrators obtain
finances from shareholders or investors. Furthermore, public administration is
governed by legal regulations and operates under political influences, while private
administration has flexibility and autonomy in decision-making processes within
corporate structures. It is essential to recognize and appreciate these divergences
when examining each discipline's unique characteristics and implications for
effective management practices.