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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 ?
A feasibility study of a family seizure management program: 'Be Seizure Smart.' Journal of Neuroscience Nursing, 34(1), 30-37.
Our plan to improve family functioning through teaching strategies for seizure management is supported by intervention research in asthma (Creer, Kotses, & Wigal, 1992).
For individuals with seizures that are not controlled with drugs, or who are experiencing adverse effects with drug therapy, and for whom surgery is not possible, the vagus nerve stimulator (VNS) is a nonpharmacologic option for short- and long-term seizure management.
Initial codes were established based on the conceptual framework and were (a) treatment management, (b) seizure management, and (c) life management.
In most instances, the occurrence of a seizure in the first 3 years of life is associated with an acute medical condition such as high fever (e.g., febrile seizures); however, 10%-20% of all children who experience seizures in infancy or early childhood will experience recurrent seizures (e.g., epilepsy) and may face long-term seizure management. Schwartzkroin and Moshe (2000) argued that epilepsy may primarily be viewed as a disorder of childhood given the fact that childhood seizures are so common and many adult-onset epilepsies can be retrospectively associated with some childhood trauma.
EDITORS NOTE: For more information on the vagus nerve stimulator, please see the article, "A New Method in Seizure Management: Vagus Nerve Stimulation" in the May 1999 issue.
(For more on vagus nerve stimulation, see "A Method in Seizure Management: Vagus Nerve Stimulation, May 1999.)
Education can then be tailored to address medication-taking practices, seizure management and quality of life issues.
However, almost one-third of mothers indicated they received a less than satisfactory explanation of seizures and future seizure management at the 3 month data collection.
The percentage of persons with developmental disabilities treated for epilepsy varies from 20-40%.[3,4,5,18] Epilepsy has a higher prevalence in those with an IQ below [50.sup.5] and affects approximately 50% of people with disabilities who also have cerebral palsy[9] Because the concerns of seizure management and antiepileptic drugs (AEDs) can be difficult or impossible to articulate by the person with developmental disabilities or their caregiver, AED prescribing practices may go unchanged in the absence of any changes in seizure patterns.