management
managementThe decision-making role in organizations. If things are going smoothly, there is not much for management to do, but if things go wrong or new opportunities arise, somebody has to decide on hiring and firing workers, investing in new machines or scrapping old ones, marketing new products and dropping old ones, and how to raise the necessary finance. The role of management is to take these decisions.
The people who do the managing. This may involve a hierarchy, with junior, branch, or assistant managers exercising limited discretion, and the Managing Director as the overall boss of an organization, laying down general lines of policy, and hiring and firing assistant managerial staff to carry out the decisions.
Overall control of aggregate demand. See demand management.
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