Management

(redirected from Business management)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia.

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 ?
There was also significantly reduced risk of human error, making business management a lot easier and more cost effective."
Bachelor's in Business Management University of Madras, India (2014)
Students in the DACC business management program may participate in ENACTUS Club.
This is what our MBM -- MSc in Business Management -- offers to its participants.
business management solutions to clients in a wide range of industries.
Dynamic Cloud, a subsidiary of Dynamic Energy, provides cloud-based business management software including ERP solutions in the Al Khobar IT sector.
Under VAS business management, Mahindra Comviva has extended services such as campaign planning, product management, roadmap planning, content operations and sourcing & setting up innovation lab along with technical assistance and monitoring.
Segal, whose NKSFB firm is large, with 330 employees, says 40 to 50 business management firms that serve Hollywood clientele have partners mostly of retirement age and lack internal successions options.
Integration with ERP: Pocket Payroll has stretched the functionality of its Business Management framework, including connections to third-party applications, intended to meet the exclusive and altering needs of customers.
MAM's range of cloud-hosted business management solutions provide all the functionality of its on-premise solutions, but are accessed from servers located off-site.
Fernandes joined Sage Middle East in March 2008, bringing with him over 20 years of experience in the industry, expertise in corporate management and vast knowledge of business management software solutions, said a statement.
Through the decades, this grass roots operation has been demonstrating the principles of best business management in its elemental sense -- minus technology, advanced logic, overwrought business management theories and formal trappings of institutionalised education and training.

Full browser ?