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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 ?
The full implementation of environmental management, it seems that there is a certain level of resentment and barriers exist both internally and externally.
The report covers Fujitsu's environmental management in full detail, including its environmental vision, strategy, and other approaches, as well as environmental accounting.
The role of the top management in environmental management was highlighted by many researchers (Gupta, 1995; Quazi et al., 2001).
For many companies and organisations, the attainment of formal environmental management systems such as ISO 14001 can be very daunting, and in some cases not relevant to their business needs.
Written at the conclusion of the NHT program by social scientists from CSIRO Sustainable Ecosystems and other experts in planning, geography, environmental studies and public policy, it asks whether regional environmental management is working and addresses some of the tough questions about decentralised environmental governance.
Simultaneously with execution of the mining right, the environmental management programme for Area 1 of the Burnstone Mine has been approved by the DME.
Geoffrey Stevens, TADEA's environmental management system co-ordinator, added: "As a company which provides energy efficiency services, we believe this certification will show we are serious in improving our own environmental impacts."
This work introduces industrial managers to an environmental management system that not only meets short-term obligations but reduces waste and inefficiency.
To secure the eco mark Accord developed a Environmental Management System.
For senior management, boards of directors, investors, academics, and those in environmental management, Darabaris explains how to develop, implement, and assess a corporate environmental management program.
Aspiring Leaders, a program designed to recognize and offer assistance to businesses that want to take steps toward better environmental management, has been unveiled by the state Department of Environmental Services.
In 1999, AHFA introduced an environmental management program for furniture manufacturers.

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