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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 ?
He said Multan Waste Managment Company (MWMC) has also completed digging-of trenches outside the city to dump the animal offals and safety bags have also been distributed among the citizens for collection of animal offal.
16-RFP-102971-CG Bi-State Development (BSD) Electronic Training and Certification Tracking Managment System (TCTMS) Bi-State Development (BSD) is seeking proposal from qualified firms to implement a vendor-provided Commercial Off the Shelf automated Training and Certification Tracking Management System or web-based on-line software as a service for BSD to proactively manage and host its existing training programs, classes and curricula.
Providing Pick Up Facility For Managment Staff Working In Shifts At Hyderabad Lpg Plant For 2015-16 It Includes Providing The Pick Up And Drop Of Management Staff By Indica Car Or Equivalent Models Working In Shifts.
Visitors will soon be able to go directly to more than 150 data cards by searching the LH Managment Division database.
Formerly head of Niku 6 product managment, Ehrlich brings an unusually comprehensive understanding of both product planning and customer needs to his outline of what Niku 6 customers can expect in the future.
Tenders are invited for Solid waste managment works at Dondaicha pwd 68 solid waste managment
MCG, which was formed in 1998 by managment and Goldman, Sachs & Co.