Management

A slightly ambiguous term that confuses many, management relates to the skill or ability to make people or entities more productive than they would be without you, using the available resources effectively and efficiently. It usually is a combination of various other skills, including planning, organising, recruiting, directing, controlling or leading of the people within an organisation in order to achieve a target or maintain productivity. Management also collectively refers to the group of managers who run an organisation. It may include senior members of staff, but also those who work in mid-level positions within the organisation. Particularly when relating to profit-based work, the key function of management is to maintain the satisfaction of the various stakeholders. This may include the owners/shareholders, customers or service users, and the employees of an organisation such as a corporation. In non-profit organisations, the stakeholders may be the donors and the employees. The roles and responsibilities of different managerial titles vary, and often management within an organisation is hierarchical. For instance, a general Manager and a Managing Director of the same corporation may have different obligations and differing incomes. The nature of the role may also be dependent on the industry or sector, and may even be temporary or project-based.