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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 ?
Leading supply management executives have clearly demonstrated their operations can create real value by working with suppliers to eliminate waste and produce real cost reductions, not just price reductions, and also by developing strategic opportunities.
WHY: Industry research indicates that better spend visibility can uncover 2 - 12 percent reductions in total supply costs, improve compliance and enhance supply management productivity and performance.
Attendee Christine Miller of Watson Pharmaceuticals commented, "As a sourcing professional I received real value from the Verticalnet Summit, more so than other industry events because of the rich unfiltered content, and the opportunities to openly exchange best practices, network with my peers, and learn about practical ways to improve our supply management performance.
The Verticalnet XE Supply Management suite is available on-demand and includes:
Inclusion in the list is the most recent market recognition of Procuri's fast-pace growth, fueled by high demand for supply management solutions available On Demand.
Based on the response of nearly 300 supply management executives surveyed at Procuri Empower 2006, one of the industry's leading forums for best-practices exchange and networking, the study also reveals that securing executive support for supply and contract management initiatives is among their top challenges.
Verticalnet enables the world's largest and most successful companies to take their supply management processes to the next level," said Nathanael V.
Nasdaq:VERT), a leading provider of on demand supply management solutions, today announced that Spanish travel and leisure giant Globalia Corporacion Empresarial (Globalia) has signed a multi-year subscription agreement for Verticalnet On-Demand Supply Management Solutions.
ATLANTA -- Procuri, the global leader in On Demand Supply Management solutions, today announced it has expanded its relationship with Austin-Tetra, a leader in global data management, to deliver the first integrated solution to specifically support Office of Foreign Assets Control (OFAC) compliance.
ATLANTA -- -- Four of the industry's most innovative and effective supply management practitioners were recognized today in the first annual Supply Management Excellence Awards.
Nasdaq:VERT), a leader in on demand supply management solutions, today announced that it has been named to the 2006 Manufacturing Business Technology Global 100.

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