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 ?
If there's a section where management discusses its internal controls, that company has found a venue to communicate with its shareholders--current and potential--about the strategies and policies it has adopted to ensure that the company is "under control." Public companies increasingly include management reports on internal controls in their annual reports as a good corporate governance practice.
Should management be required to report on internal controls, and should independent auditors have to attest to such reports?
Accordingly, we look forward to the recommendations of the Counterparty Risk Management Policy Group (CRMPG) regarding private-sector initiatives for enhancing the credit-risk-management practices of creditors and their leveraged counterparties.
* The adequacy of management information systems and internal controls with regard to hedge fund counterparties
Auditors can provide senior management with vital information about the value of the company being acquired, its financial condition, any weaknesses in its financing or internal controls as well as its history, customer base, property conditions and management practices.
Management often sees them only as fact checkers and not as a source of important new information.
COSO is confident you will conclude its report "is an important contribution to the literature on corporate governance...that helps management identify basic weaknesses in operating, financial reporting and legal/regulatory compliance controls and take action to strengthen them."
Your October 30 letter on the final report of the Committee of Sponsoring Organizations of the Treadway Commission, Internal Control--Integrated Framework, asserts that the COSO report "does not underscore the importance of internal controls, falls short of meeting the expectations of the Treadway Commission for management's reporting on the effectiveness of internal controls, and misses opportunities to enhance internal controls oversight and evaluation." The letter makes six major arguments in support of those general points and concludes that "the COSO report in effect calls for a retreat from the public interest."
Together, they put repetitive, error-prone IT management tasks on cruise control and free up IT time to focus on innovation."
IDC estimates that companies spend nearly $174 billion on ongoing operations and management of their existing IT infrastructure.
The solution comes at a time when it has become well recognized that businesses require an enterprise-wide, end-to-end content management solution to meet increasingly stringent records management regulations, such as US Department of Defense ("DoD") 5015.2.
Although bonus payments and stock options may appear to tie pay to performance by rewarding management for entrepreneurial action, they do not succeed in maximizing shareholder value.

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