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 ?
Figure 2--Glaxo Wellcome developed a vision for 2001 to frame the context of its development of a technology management process.
A technology management process implemented and followed by all.
The Technology Management Program within the College of Engineering at UC Santa Barbara is a pioneering, interdisciplinary academic program that seeks to close the gap between the sciences and management.
Our next major undertaking is to better our understanding of these areas through creation of the world's first database of actionable best practices in business technology management.
We have executed our vision of bringing together in one offering the kind of solutions that were previously available individually from generalized management consultants, research/analysts firms and software vendors, whose expertise in the area of Business Technology Management is questionable to begin with.
Founded in 2004, HiWired delivers remote technology management solutions to customers leveraging state of the art Internet-based technology.
The BTM standard put forth by the BTM Institute provides a structured approach to decision-making that allows enterprises to align, synchronize and even converge business and technology management.
In 2003, Enamics founded The BTM Institute - the Michael Nobel Harriet Fulbright Institute of Business Technology Management (BTM), as the first international nonprofit organization of its kind that brings together a select group from the academic, corporate, government and thought leadership communities as a think tank to address the long-standing need for more effective strategic management of technology.
This approach has helped HiWired emerge as one of the fastest growing nationwide services offering remote technology management for a full range of personal tech products.

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