Page "Management" Paragraph 5

* Directors and managers have the power and responsibility to make decisions to manage an enterprise when given the authority by the shareholders.

As a discipline, management comprises the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing the firm's resources to achieve the 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 which is implemented by the chief executive officer.