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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 global weight management supplements marketis geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Regular and sufficient meals support the natural biological functions of the body, and help in managing one's eating habits and weight management in the long term.
Consumers have come to realize that diet and exercise are the keys to sustainable weight management, according to Lynda Doyle, vice president of global marketing, OmniActive Health Technologies, Morristown, NJ.
A spokesperson for NHS North Tyneside Clinical Commissioning Group said: "NHS North Tyneside Clinical Commissioning Group as new GP commissioners are working with North Tyneside Council to review how each organisation commissions appropriate health services to help people with weight management issues.
The range and diversity of weight loss products potentially found in the supermarket let consumers know that the store is a legitimate destination for serious weight management product shoppers.
In particular, the Lifestyle & Weight Management online certification covers healthy eating, client assessment, setting goals and rewards, identifying and tackling obstacles, eating out, self-talk, healthy shopping strategies, cooking, supplements and fad diets, managing time and stress, and more.
"Advances in weight management ingredients have allowed beverage manufacturers to develop and introduce new products aimed at the significant number of customers anxious about their body shape and weight," said Gary Roethenbaugh, Zenith research director.
(Nasdaq:FDRY), Santa Clara, Calif., a performance and total solutions leader for end-to-end switching and routing, has announced that NutriSystem (Nasdaq:NTRI), a leading provider of weight management products and services, selected Foundry's ServerIron(r) high- performance application acceleration and switching solutions to efficiently deliver online weight loss management tools and ordering to hundreds of thousands of health conscious customers.
Although many rely on reducing calories to lose weight, the loss is often temporary because most people don't learn to properly adjust from weight loss to weight management. Management requires the use of learned skills to lose pounds and maintain weight loss through diet, participation in physical activities, and behavioral changes to promote improved long-term health.
There are multiple approaches to weight management, and many can result in significant weight loss and help you reach the goal of having a healthy body that is vital, strong, and balanced.
To the Editor: I was pleased to see in the recent article, Survey of dietetic management of overweight and obesity and comparison with best practice criteria, (Nutr Diet 2003;60:177-84) that 52% of dietitians advised clients to keep a hunger awareness diary to assist in weight management.