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The people who administer a company, create policies, and provide the support necessary to implement the owners' business objectives.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
By type, the endotracheal tubes segment accounted for the largest share of the infraglottic airway management devices market
The infraglottic airway management devices segment accounted for the largest share of the airway management devices market in 2018.
Nurses who had at least 2 years of critical care experience, had received advanced airway management training, were appointed as members of the hospital emergency response team, had no physical impairment on their hands at the time of the study (to be able to handle a laryngoscope), had no back pain (to take the proper position for laryngoscopy), and had normal visual acuity were included in the study.
In fact, the supraglottic airway devices play an important role in the management of patients with difficult airways, as the devices enable ventilation in patients with difficult facemask ventilation and simultaneous use as a conduit for tracheal intubation.[21],[22] Moreover, use of supraglottic airway devices during difficult airway management has been widely recommended in many practice guidelines.[6],[7],[8],[9],[10],[11],[12] In addition, this study showed that the FDAE approach significantly decreased the need for awake tracheal intubation in patients with predicted difficult airways.
The majority of participants agreed that the skills were relevant to their residency programme as follows: airway management 15(93.8%), lumbar puncture 14(87.5%), intubation 14(87.5%), bone marrow aspiration 10(62.5%), chest tube insertion 10(62.5%), pleural tap 10(62.5%), central line insertion 11(68.8%) and arthrocentesis 9(56.3%).
FFB intubation with topical anesthesia of the upper airway in an awake or sedated patient is considered by anesthesiologists as the ultimate, safe, nonsurgical technique in difficult airway management [21].
Airway management using construction of a mediastinal tracheostoma can bea sufficient treatment option.
Airway management of large MNG with compromised airway should be considered for awake endotracheal intubation with the help of flexible FOB.
Written and informed consent had been obtained with full explanation of the procedure, method of airway management including alternate techniques like submental intubation or tracheostomy if required.
Objective: To assess the effectiveness of laryngeal mask airway, endotracheal tube and oropharyngeal airway for airway management in prehospital emergency care.

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