The act of directing and controlling the affairs of a business, organization, or other body to ensure that it operates efficiently and effectively, in order to accomplish agreed objectives. By extension, the directors who are in charge of such management.
"Comprises three main tasks: supervision and responsibility for increasing the performance of others; allocating labour, material and capital to produce a high return; and decision making."
(International Labour Organization (ILO), Management, Thesaurus, 2005, visited 2010-02-24)
