Management-The organization andcoordinationof theactivitiesof abusinessinordertoachievedefinedobjectives.Management is often included as afactorofproductionalong withmachines,materials, andmoney. According to the management guruPeter Drucker(1909-2005), the basictaskof management includes bothmarketingandinnovation.Practiceof modern management originates from the 16th centurystudyof low-efficiency andfailuresof certainenterprises, conducted by the English statesmanSir Thomas More(1478-1535). Management consists of the interlockingfunctionsof creatingcorporate policyandorganizing,planning,controlling, anddirectinganorganization'sresourcesin order to achieve the objectives of thatpolicy.Thedirectorsandmanagerswho have thepowerandresponsibilityto makedecisionsand oversee an enterprise.The size of management canrangefrom onepersonin a small organization to hundreds or thousands of managers in multinationalcompanies. In large organizations, theboard of directorsdefinesthe policy which is then carried out by thechief executive officer, or CEO. Some people agree that in order to evaluate a company'scurrentand futureworth, the most important factors are thequalityandexperienceof the managers.Managementinbusinessandorganizationsis the function that coordinates the efforts of people to accomplish goals andobjectivesusing available resources efficiently and effectively. Management comprisesplanning,organizing,staffing,leadingor directing, andcontrollinganorganizationor initiative to accomplish a goal.Resourcingencompasses the deployment and manipulation ofhuman resources,financialresources,technologicalresources, andnatural resources. Management is also anacademic discipline, asocial sciencewhose object of study is the social organization. Management is defined as the organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives Fredmund Malikdefines asManagement is the transformation of resources into utility. Management included as one of the factors of production - along with machines, materials and money Peter Drucker(19092005) sees the basic task of a management as twofold:marketingandinnovation. Nevertheless, innovation is also linked to marketing (product innovation is a central strategic marketing issue). Peter Drucker identifies marketing as a key essence for business success, but management and marketing are generally understoodas two different branches of business administration knowledge. Andreas Kaplanspecifically definesEuropean Managementas a cross-cultural, societal management approach based on interdisciplinary principles. Directors and managers should have the authority and responsibility to make decisions to direct an enterprise when given the authority As a discipline, management comprises the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing a firm's resources to achieve a policy's objectives The size of management can range from one person in a small firm to hundreds or thousands of managers in multinational companies. In large firms, the board of directors formulates the policy that the chief executive officer implements.