Management comprises directing and controlling a group of one or more people or entities for the purpose of coordinating and harmonizing that group towards accomplishing a goal. Management often encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. Management can also refer to the person or people who perform the act(s) of management.

The verb manage comes from the Italian maneggiare (to handle — especially a horse), which in turn derives from the Latin manus (hand). The French word mesnagement (later ménagement) influenced the development in meaning of the English word management in the 17th and 18th centuries.[1]

Management has to do with power by position, whereas leadership involves power by influence[citation needed]. Compare stewardship.

Functions of management

Management operates through various functions, often classified as planning, organizing, leading/motivating and controlling.

    * Planning: deciding what needs to happen in the future (today, next week, next month, next year, over the next five years, etc.) and generating plans for action.

    * Organizing: making optimum use of the resources required to enable the successful carrying out of plans.

    * Leading/Motivating: exhibiting skills in these areas for getting others to play an effective part in achieving plans.

    * Controlling: monitoring — checking progress against plans, which may need modification based on feedback.