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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 ?
Wellness Program Offerings 2004 2003 Exercise and Fitness 55% 47% Smoking Cessation 49 41 Blood pressure management 49 36 Weight management 47 34 Stress management 46 33 Cholesterol management 43 27 Nutrition 39 25 Source: American Management Association, 2004.
which manufactures and supplies pressure management products for the medical market, ranked 63rd.
This provides a lightweight, reliable, and cost--effective solution for a variety of industrial pressure management applications.
Tenta's product lines include vacuum subsystem products, pressure management and control products, advanced materials delivery products, process monitor products, and on-line gas and thin-film metrology products, among others.
Even blood pressure management remains controversial in this patient population, although the current recommendation is to maintain the mean arterial pressures at less than 130 mm Hg.
Delta Air Lines claims that the move is due to the result of some of its pilots engaging in job action against the carrier in order to pressure management in ongoing contract negotiations.
American Catalytic also showed its new Electronic Pressure Management System (EPMS), a PLC controlled proportional valve used to regulate gas pressure electronically rather than with manual valves.
Building from AdaptivCOOL's patented solutions in airflow management, Aisle Pressure Management (APM) is designed to enhance cold aisle containment effectiveness.
Blood pressure management for people with hypertension Encouraging but inconclusive evidence suggests that blood pressure management, particularly in midlife, might prevent, delay or slow clinical Alzheimers-type dementia, according to the committee.
Span-America manufactures and markets a comprehensive selection of pressure management products for the medical market, including Geo-Matt, PressureGuard, Geo-Mattress, Custom Care, Span+Aids, Isch-Dish, Risk Manager and Selan products.
Singer Valve designs and manufactures automatic control valves, offering engineered products for pressure management within water works.
ELFAB says with over 80 years' experience leading the industry in pressure management innovation, it has expanded upon its range of technically superior rupture discs and explosion vents with the introduction of Buckling Pin Relief Valves (BPRVs) and says this latest partnership further enhances its pressure relief options for applications within safety critical process environments.