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 ?
'In the event that the writer of the misleading report is not conversant with the difference between the Debt Management Strategy and the DMO's Strategic Plan, he should note that the Strategic Plan is a statement of the institution's Goals and Objectives as well as, the activities that will enable their achievements.
The board meeting also discussed topics like developments relating to the work of the Dubai Nuclear Energy Committee, and implementation phases of the demand side management strategy.
The new management strategy will be focused on the implementation of radical reform and restructuring to build a 'basis for growth' equivalent to returning to a positive income in 2010 and enabling stable revenues in fiscal 2011, as well as leveraging the business opportunity with the expansion of capacity at the Tokyo metropolitan airports and focusing on growth of international air routes.
DOE's tank management strategy involves continuing to use Hanford's aging tanks to store waste until they can be emptied, the waste treated, and the tanks closed.
The purpose of the risk management strategy is for clinics to identify and assess possible sources of harm to children and young people.
Just because a ramp management strategy is feasible and fits into an agency's transportation management program does not necessarily make it appropriate to implement.
When this occurs, you must assess the impact by group in order to prepare an appropriate change management strategy.
TELECOMWORLDWIRE-8 September 2005-Many UK companies do not have an information management strategy - report(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com
Establishing a risk management strategy is not easy.
As a consequence of these investigations, monitored natural attenuation has become an accepted environmental management strategy for plumes at many LNAPL sites [e.g., U.S.
As the program/construction management consultant, PB is responsible for setting up the program management strategy, policy and procedures for the client and assisting the client in implementing them.

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