This lecture surveys two different but complementary approaches to understanding delegation in organizations: the team-theoretic paradigm that focuses on costly communication and the incentive paradigm. The role of time and budget constraints are investigated in the first approach. As for the second one, it is placed in the general context of the debate on contractual incompleteness, with special emphasis on limited commitment and information acquisition. The complementarities between the two paradigms are stressed, as well as a number of unsolved problems and avenues for further research.