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.
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.
I suggested we appeal to management because the coworkers could not solve the problem on their own so expert advice was sought.
The management team was let go and a new one was hired because of the losses that were incurred in the previous year.