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The people who administer a company, create policies, and provide the support necessary to implement the owners' business objectives.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The conceptualized framework for this research used the same six MBNQA criteria to observe the impact of QMFs on the positioning competency of 3PL service providers in Pakistan, The six quality management factors identified by MBNQA are Leadership; Strategic Planning; Customer Focus; Measurement, Analysis and Knowledge Management; Human Resource Focus; and Process Management which are used as independent variables and Positioning Competency is taken as dependent variable in this research model.
Furthermore, weather forecast (3.727+-0.686), market monitoring (3.55+-0.931) and social setting with neighboring farmers (3.23+-1.118) were the next risk coping strategies were exposed by the farmers and were assembled in information management factor. Likewise, Iqbal et al., (2016) summarized in their studies that capital management and information management were important coping strategy for risks in agriculture sector.
Dry cow management factors were types of dry cow antibiotic uses, use of alcohol before intramammary infusion, methods of administering intramammary product (full insertion, insertion the whole length of the syringe cannula into the teat orifice and expelling contents; or partial insertion, insertion 2 to 3 mm of the tip of the syringe cannula into the teat orifice and expelling contents), use of antiseptic teat dipping immediately after intramammary infusion, and vitamin ADE administration at drying off.
The model of change management factors influencing formation of trust in commercial banks
In figures 5 and 6, management factors including the pattern of residue and irrigation method are studied.
Intermediate maps derived on the basis of land use/cover map (Figure 3) included ratio of actual to potential evapotranspiration ([E.sub.t]/[E.sub.0]), permanent rainfall contributing to permanent interception, and stream flow (A) and crop cover management factor ([C.sub.f]).
As stated in the theoretical background, integrity is one of the aspects of respectful and responsible manager ( one of stress management factors).
Management factors that influence both the yield of a specific crop and N leaching include irrigation events and the amount and timing of organic or inorganic N applications.
(2008) grouped critical success factors under seven main categories: project management factors, procurement-related factors, client-related factors, design team-related factors, contractor-related factors, project manager-related factors, business and work environment-related factors.
Management factors indicate farmers' additional farming characteristics or features that increase their experience as well as help them to manage their crops in a better way.
(3) Our view of management factors, administrative characteristics, and other structural issues facing a government entity may be an overriding factor in a rating outcome.
Barriers slowing/preventing HIT implementation (Texas 2011) Barriers Survey Respondents(%) Finance factors: Lack of capital 46% resources to invest Lack of proven 15.3% financial benefit Product factors: Difficulty finding HIT 20.4% products that meet needs Too complex 7.3% User interfaces are 16.1% not user-friendly Inability to easily input 27% historic med record data into software/ technology system Management factors: Insufficient time to select, contract, 29.2% install software/technology Lack of HIT knowledge 12.4% Fear of technology 8% Lack of technical 21.2% support staff Not part of the 15.3% strategic planning Unclear need for 11.7% change management

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