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 ?
These differences were negatively correlated with the number of years cropped and correlated with management history grouping.
Many soil physical properties showed no significant degradation effects of management history (dry aggregate MWD, plastic limit, total and macroporosity, readily available water, total available water at most depths, and field capacity).
Terry's successful association management history and high degree of respect in this business community will further enhance our firm's presence and leadership in the Association community" said Mike Suglich, President of MAS Consulting.
She has an exemplary financial management history with solid expertise in executing effective financial strategies that will be a valuable asset as we continue to pursue our growth opportunities.
6 billion acquisition of Neuberger Berman, the ninth biggest deal in money management history - smaller, tactical transactions prevailed as the beginning of the mutual fund trading probe pushed back bigger deals.
However, taking into account the common senior management, debt, and property acquisition activities, as well as the asset management history of MSK's close affiliate, Goldman Sachs Realty Japan Ltd.
Karlovac's extensive management history includes serving as president and COO of Alcatel Network Systems, where he introduced the industry's first SONET products.
We have a strong apartment asset management history and are prepared to work through these mortgages.
The Onyx functionality and ease of integration will give our sales personnel a complete customer snapshot, including the product portfolio and contact management history, no matter who takes the call," said Smeaton.
McCabe, 51, has 30 years of successful financial management history with experience in medium to large, private and public companies such as John Wiley & Sons, Colgate-Palmolive, General Foods, Peat Marwick, and, most recently, with Dell Computer Corporation as Vice President, Corporate Controller, and Chief Accounting Officer.
and Syncware Corporation - as well as senior management history with Citibank and Digital Equipment Corporation.
JACK O'CONNOR is just an hour from going down in Kerry football management history.

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