“Management” in the original sense is the teaching, practice and institution of the responsible leadership of companies, organizations, institutions and associations of individuals as well as major organizational units of these social entities. The term “management” covers all actions and tasks directly related to this kind of leadership.
In a broad functional sense, “management” is to be defined as the teaching and practice of the process of analysis, goal setting, planning, decision, organization, coordination, implementation and control, which are aimed at the responsible leadership of human action and are based on rationally justifiable, especially economic, principles and methods.
In the age of societies that are freely constituted and at the same time organized based on the principle of a division of labor, “management” is a fundamental function neccessary to enable cooperative cooperation and the legitimization of leadership. The performance of this function is a central activity of considerable importance for the functioning of those societies.