- combined fields of policy and administration and the people who provide the decisions and supervision necessary to implement the owners' business objectives and achieve stability and growth.
- key people in an organization. Those who make the most important decisions are called top management.
combined fields of policy and administration and the people who provide the decisions and supervision necessary to implement the owners' business objectives and achieve stability and growth. The formulation of policy requires analysis of all factors having an effect on short- and long-term profits. The administration of policies is carried out by the Chief Executive Officer, his or her immediate staff, and everybody else who possesses authority delegated by people with supervisory responsibility. Thus the size of management can range from one person in a small organization to multilayered management hierarchies in large, complex organizations. The top members of management, called senior management, report to the owners of a firm; in large corporations, the chairman of the board, the president, and sometimes other key senior officers report to the board of directors, comprising elected representatives of the owning stockholders. The application of scientific principles to decision-making is called management science.
- collective administrative heads of a company, institution, business, etc., who are responsible for conducting the affairs of the company (institution, business, etc.) for meeting its short-range and long-range objectives, and for maintaining it as a profitmaking organization and/or an ongoing enterprise.
- leading or supervising of an organization, business operation, or the like.
- wise use of means to accomplish a purpose.
