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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 ?
Instead, the population structure reflected the agro-ecological zone and management history of the breeds.
We used a Mantel lest (McCune and Mefford, 2011) based on Bray-Curtis similarities to measure the correlation between corresponding positions of the matrix of aboveground species composition by land management history with the matrix of seed bank species composition by land management history.
There have been few attempts to incorporate detailed management history to explain regional-level variability in soil OC, largely due to inadequate data records.
Fields/plots to be sampled were selected based on management history information provided by the land owners.
It examines the process of structuring (and de-structuring) genres and speculates on some aspects of historiography, referring to differences in writing accounting and management history.
Product attributes such as the origin, management history, wood certification, and product ecolabels were reported as "somewhat unimportant.
It is therefore natural that the examples used in the book--such as the fascinating account of the management history of the Cache River Basin--focus on wetlands of the southern United States and especially the Lower Mississippi River and its tributaries.
For those who have known my father and my grandfather and who are aware of the management history of this company, you already know that integrity is the most important word we use.
The volunteers receive training on monitoring methods and are gathering census and demographic data on plant populations, as well as site management history, for analysis by Garden staff.
It can deliver payment information, banking, finance, public filings, special events, and company and management history.
In every city, on every street, there are forgotten buildings -- sources of architectural and facilities management history -- which go unrecognized.
Mainstream management history portrays managerial rationality as a natural and inevitable outcome of modernization (e.

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