Management

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Management

The people who administer a company, create policies, and provide the support necessary to implement the owners' business objectives.

Management

1. The persons or institutions that administer a company. That is, management has the responsibility to direct employees, set and enforce policies, and generally ensure that the company fulfills its goals (which management itself often sets). Management is responsible to the board of directors (of a publicly-traded company) and ultimately to the company's owners. In small companies, owners and managers are often the same people.

2. See: Asset management.

management

The process of organizing and directing human and physical resources within an ORGANIZATION so as to meet defined objectives. The key management roles are:
  1. planning how to carry out the various activities which are required to achieve the objective. This involves establishing an action programme (see BUSINESS PLAN) and an appropriate organization structure within which tasks can be subdivided (for example into production, personnel, marketing and finance); RESPONSIBILITY for them delegated; and PAY and reward systems instituted (see JOB DESIGN AND REDESIGN, WORK ORGANIZATION);
  2. CONTROL, by comparing current performance with that planned in order to monitor progress of the work. Such comparisons reveal where additional resources may be needed to achieve desired performance or when plans may need to be modified in the light of experience;
  3. COORDINATION of the tasks being undertaken, which involves synchronizing and balancing work loads and ensuring effective collaboration between the various DEPARTMENTS and GROUPS within the organization;
  4. MOTIVATION of the members of the organization, encouraging them to work effectively in performing their assigned task.

CLASSICAL MANAGEMENT THEORY portrayed management as a rational activity largely concerned with establishing routines and procedures for administering the work. More recently this emphasis has been questioned in a number of respects. Research has shown that much of the manager's working day is spent on tasks other than those suggested in this approach, for example attending retirement presentations, responding to telephone enquiries etc. Much of the manager's job involves ad hoc reactions to events. Other research has shown that managers ‘muddle through’, aiming at achieving satisfactory rather than optimum outcomes (see SATISFICING).

Recent writing on management has emphasized the LEADERSHIP aspect of the managerial function. The key issue here concerns the means by which managers can achieve effective performance from their subordinates. Two basic approaches are identified in the literature (on MANAGEMENT STYLE):

  1. task orientation, where managers' relationship with their subordinates is essentially directive, being primarily focused on getting the job done;
  2. people orientation, where managers show a greater concern for their subordinates' well-being, on the grounds that a contented workforce performs effectively.

Some believe that good leaders are born with certain personal qualities whilst others believe that these can be instilled through MANAGEMENT DEVELOPMENT. Whatever perspective is taken it should be remembered that leadership involves more than a leader: it also involves subordinates and a context. Good leadership is that which produces appropriate behaviour from others in particular situations. See ORGANIZATIONAL ANALYSIS, BOARD OF DIRECTORS.

References in periodicals archive ?
London School of Management Studies is dedicated to ensuring an outstanding educational experience to our student body, while preparing them for dynamic careers.
Loughborough College of Art and Design, Radmoor, Leicestershire: No Excellents; Approved, electrical and electronic engineering and mechanical aeronautical and manufacturing engineering; Satisfactory, business and management studies.
The Estate Management Studies program will begin with introductory courses serving as a springboard to meet the specific needs of the individual or household-be it expanding and improving a current skill set; enhancing proficiency; advancing career prospects; or learning how to deftly and efficiently run a modern residence.
He said: "I am especially interested in the relationship between management studies and theology.
Despite the economic down-turn, companies are still investing in and hiring candidates that they feel can immediately impact their business," says Michael Williams, president of the Institute of Management Studies.
Critical management studies (CMS) seeks to expose the hidden workings of power, and to identify and reform the everyday practices that create injustices in organizations and in society.
About The Center for Information Management Studies
business firms," said Arvind Phatak, executive director of Temple's Institute for Global Management Studies (IGMS) and Center for International Business Education and Research (CIBER).
Jewell Hoover is the president of Hoover and Associates, LLC, a bank consulting company specializing in director training, charter applications, policy development, strategic planning and management studies.
Shekhar holds a masters degree in marketing management from Narsee Monjee Institute of Management Studies (NMIMS) Bombay University in India, and a bachelor's degree of arts in history and political science from Osmania University, Hyderabad.
Fanning holds diplomas in management studies from Kingston University and human resource management from the University of Salford.
This ranking recognizes The Fox School's outstanding one-year tri-continent International MBA Program, cutting-edge faculty research and teaching, and significant outreach efforts through our Institute for Global Management Studies (IGMS)," said Arvind Phatak, executive director of the IGMS.

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