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Management
Definition 1
Organization and coordination of the activities of an enterprise in accordance
with certain policies and in achievement of clearly 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 a management is twofold: marketing and innovation. Practice
of modern management owes its origin to the 16th century enquiry into
low-efficiency and failures of certain enterprises, conducted by the English
statesman Sir Thomas More (1478-1535).
Definition 2
Directors and managers who have the power and responsibility to make decisions
to manage an enterprise. As a discipline, management comprises of the
interlocking functions of formulating corporate-policy and organizing,
planning, controlling, and directing the firm's resources to achieve the
policy's objectives. The size of management can range from one person
in a small firm to hundreds or thousands of managers in multinational
companies. In large firms the board of directors formulates the policy
which is implemented by the chief executive officer. Some business analysts
and financiers accord the highest importance to the quality and experience
of the managers in evaluating an organizations current and future worth.
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