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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 ?
For more information about the Spencer Institute or the Stress Management Coach Certification Program, please visit http://spencerinstitute.
Having critical stress management available prolonged my career," Mr.
The Deployment Stress Management Program will pursue joint ventures with other offices to expand and improve their programs in deployment psychological health.
For the stress management group, the men were exposed to an imagery experience of the day of surgery - all the sounds and sensations from pre-op, to the recovery room, to coming out of anesthesia - while they were in a relaxed state.
Stress management consisted of two individual sessions, each 45-60 minutes long, with a clinical psychologist 2 weeks before surgery.
In addition to stress management lessons, Unison also advocates a prevention strategy.
Bothe and her colleagues conducted a pilot study of stress management techniques among third graders.
Relaxation for Mind & Body is designed to help employees identify and reduce stressors through learned relaxation techniques, and learn coping skills and stress management techniques, including deep breathing, visualization, and progressive muscle relaxation.
The work is part of the Vocational Training Charitable Trust Level 3 Diploma: Using Therapy Techniques as an Aid to Stress Management course and is tailored for those who have existing qualifications in holistic therapies.
For additional tips for stress management, visit the NMHA Web site at www.
Now, Swansea Council is recruiting for a stress management adviser and counsellor at up to pounds 24,700 a year to help out the council's stress and counselling services manager, Sue Hancock.
Tokyo, Japan, Nov 8, 2005 - (JCNN) - The National Institute of Advanced Industrial Science and Technology (AIST) announced on November 2 that the Stress Management Team of the AIST Human Stress Signal Research Center has devised an innovative system to evaluate the degree of mental stress in collaboration with SCIVAX Corporation.