Management is a set of practices used to execute the strategy.
Management functions include planning, organizing, execution, control, and feedback analysis. To perform these functions management involves decision making and communication around those decisions.
Management is applied to various domains:
- unit (corporate, business unit, product)
- territory (region, country, area)
- function (sales, marketing, operations, IT)
- capital (human, financial, brand, intellectual)
- activity (program, project, process)
- dimension (performance, risk, quality)
Management can be carried out in accordance with a special framework or approach aimed at optimizing a special type of performance:
- financial (value-based management, total bank management, balanced scorecard)
- operational (agile suite, lean, six sigma, total quality management)