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


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.


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 ?
Its program management team brings together a wide range of professional expertise and management skills to help clients improve and sustain business performance.
Abyss Program Management LLC is a global program management consulting practice.
ICRC currently provides program management and technical services for the U.
These overt efforts to create and require formalized program management training, revise acquisition guidelines, implement sound program management techniques, require software engineering plans, and improve the software acquisition process are admirable, yet these efforts alone will be insufficient.
Task orders are designed to provide timely support, competitive pricing, quality service, quality program management and a realistic turn-around-time.
Operations, "CACI's offering of program management and technical expertise for the Defense Advanced Research Projects Agency provides a foundation that lets DARPA continue to focus on innovative, high-payoff research and development.
WO Program Management ensures that the entire business process--from program analysis and acquisition, to scheduling and financial reporting--flow logically from programming to traffic and sales.
Jandegian, President of Infrastructure & Environment for URS, said: We are pleased to have been selected for this important contract, which underscores our strength in large and complex program management efforts.
This article is available to view for free at: View Videos | Abyss Program Management LLC.
Organizations need to focus on building the technical program management skills of their employees to efficiently manage programs, but they also need to focus on the leadership skills (a.
This presents opportunities for consulting firms and clients alike to utilize construction management (CM), program management (PM), general engineering contracts (GEC), design-build (DB) and other public/private partnership arrangements to deliver badly needed infrastructure projects.
Multinational Program Management Course (PMT 202): The introduction to international cooperative acquisition programs, concentrating mostly on program management in the international environment.

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