Nature of Management

Management or managing is the administration of an organization whether it is business or not-for-profit organization, or government body. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or volunteers) to accomplish its objectives through the application of available resources such as  financial, natural, technological, and human resources. The term "management" may also refer to the people who manage an organization - individually called "managers."

In business organizations, management's primary function is the satisfaction of a range of stakeholders. This typically includes making a profit (for stockholders), creating valued products at a reasonable cost (for customers), and providing great employment opportunities for employees. In nonprofit management, add the importance of keeping the faith of donors.

In most models of management and governance, the stockholders vote the Board of Directors, and they hire the senior management.

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This blog entry is sponsored by Disney Cruise.