management

  

Definitions (2)

1.

The organization and coordination of the activities of a business in order to achieve defined objectives.

Management is often included as a factor of production along with‚ machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of management includes both marketing and innovation. Practice of modern management originates from the 16th century study of low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization's resources in order to achieve the objectives of that policy.

2.

The directors and managers who have the power and responsibility to make decisions and oversee an enterprise.

The size of management can range from one person in a small organization to hundreds or thousands of managers in multinational companies. In large organizations, the board of directors defines the policy which is then carried out by the chief executive officer, or CEO. Some people agree that in order to evaluate a company's current and future worth, the most important factors are the quality and experience of the managers.


Use management in a sentence

  • There's something wrong with the management of this company, as we are never paid on time, keep running out of products and really have no clear image of our company's goals.

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  • I suggested we appeal to management because the coworkers could not solve the problem on their own so expert advice was sought.

    4 people found this helpful    
  • The management team was let go and a new one was hired because of the losses that were incurred in the previous year.

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Notable Quotes

  • Management Changes can Help a lot With Timing
    "Management changes can help a lot with timing. If a board of directors is serious about restructuring, they'll often hire someone from a best-in-class company to make it happen. Those people aren't cheap, which shows the board is serious, and the fact that the person is willing to come indicates they think they can add value. An executive from a first-class company taking over a laggard can mean an opportunity is ripe for the picking."
    - Philip Tasho
  • Rewards Tied to Results
    "Stock options are inevitably tied to the overall performance of a corporation. Logically, therefore, they should be awarded only to those managers with overall responsibility. Managers with limited areas of responsibility should have incentives that pay off in relation to results under their control. The .350 hitter expects, and also deserves, a big payoff for his performance -- even if he plays for a cellar-dwelling team. And the .150 hitter should get no reward -- even if he plays for a pennant winner. Only those with overall responsibility for the team should have their rewards tied to its results."
    - Warren Buffett

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