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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 ?
Discover the latest market trends and uncover sources of future market growth for the Weight Management industry in Singapore with research from Euromonitor's team of in-country analysts.
Discover the latest market trends and uncover sources of future market growth for the Weight Management industry in Dominican Republic with research from Euromonitor's team of in-country analysts.
A new company, HMR Weight Management Services Corporation, has been created to bring these interventions to the market more effectively.
The emphasis when promoting weight management products has to be on the initial sale, he affirms.
Growth in weight management over the forecast period is expected to be supported by a number of factors.
Super-Pharm (Israel) led weight management with a 32% value share in 2015.
HMR s customer service, weight management products and dedication to tracking patient data have helped to establish the company as a leader in medical weight management.
The company said the weight management interventions will combine a structured diet, behavior coaching and monitoring, and physical activity to achieve clinically meaningful weight loss that can help reduce the risk of chronic illnesses, such as diabetes and cardiovascular disease.
UKPRwire, Fri Aug 16 2013] In recent years the former popularity of weight management declined, following the growing awareness that the healthiest way to lose weight is through a healthy lifestyle, often combined with prescription products recommended by doctors.
retail sales of weight management products and services--including foods and beverages, meal replacements and diet aids and commercial weight management programs--will reach $38 billion in 2013 and $40.
The partnership with Lindora now offers Rite Aid customers nationwide vital information on weight management.