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management responsiblity

+1 vote

what are the responsiblities of the management?

posted Dec 27, 2016 by anonymous
The responsibilities of the management is to manage its organisation both legally and ethically.
There are different people in management with different designation. And their responsibilities are also different.
Some take care of the financial matters whereas others look after secretarial and legal matters.

Prakash Daga

4 Answers

+1 vote


Responsiblities of the management are:

1. Strategic Planning
Planning and organizing is a core function of business management. Business planning involves developing business goals, and designing strategies and organizing business resources to advance those goals. Both internal data related to organizational performance and external data about the industry, markets and competition provide insights business management needs in order to direct the company's resources and identify organizational needs.

2. Decision-Making
Management is responsible for the decision-making in an organization, such as choices related to changes needed to adapt to external and internal factors that impact business operations. Management must also decide where to use capital resources within an organization. Other decision-making responsibilities include selecting suppliers and vendors for goods and services for the organization.

3. Informational Role
Management is charged with informational responsibilities in an organization, disseminating relevant information within the workplace. This might include collecting, monitoring and reporting relevant data used to analyze business performance. A manager might also serve as the spokesperson for the organization, frequently responsible for transmitting organizational information to outsiders such as stakeholders and media professionals.

4. Interpersonal Role
Interpersonal communication is an important part of a manager's duties across the board when communicating with customers, employees and suppliers. As a leader within the organization, a manager is a symbol of leadership, setting the atmosphere and tone of the organization. Management also ensures that staff is properly connecting within the workplace. This includes developing effective teams to manage programs and projects that further business objectives, as well as managing conflict resolution systems.

answered Jan 10 by Archana Kumawat
Apart from these, there are many other roles like assets management, human resource management, risk management, etc. The list is never ending.

0 votes


Chief Executive Officer (CEO)
The CEO is responsible for managing and controlling the company’s business and day-to-day operations with the aim of securing significant, sustained increase in the value of the company for its shareholders. The CEO prepares matters for decision by the Board of Directors, develops the group in line with the targets agreed upon with the Board of Directors and ensures proper implementation of the decisions of the Board of Directors.

It is further the duty of the CEO to ensure that the company’s operations are in compliance with the laws and regulations applicable at the time. The CEO may have a deputy who will attend to the duties of the CEO in the event that the CEO is prevented from doing so him/herself. The CEO shall make his/her most important decisions in Executive Board meetings, and such decisions shall be recorded in the minutes of these meetings.

Executive Board
The Executive Board, operating under the authority of the CEO, consists of the CEO, his/her deputy (if one has been appointed), the Chief Financial Officer and the Executive and Senior Vice Presidents responsible for the regions, business areas and global functions. The role of the Executive Board is to manage the Group’s business as a whole. The members have extensive authorities within their individual areas of responsibility and have the duty to develop the company’s operations in line with the targets set by the Board of Directors and the CEO. Executive Board meetings are convened by the CEO on a regular basis and all decisions made are recorded in minutes.

Appointments and benefits
The CEO, his/her deputy (if applicable) and the other members of the Executive Board are appointed by the Board of Directors, which also specifies their areas of responsibility, in addition to determining and approving their terms of service, including salaries, bonuses and pension and other benefits. The terms of service shall be recorded in written contracts.

External board memberships
The members of the Executive Board are allowed to accept memberships of boards of directors of other public companies and significant external private companies only with prior approval from the Board of Directors.

answered Dec 27, 2016 by Shubhangi Jain
0 votes

Management includes CEO, CFO, Board of Director etc.
In simple words Managements’s responsibility is to get the things done from others.
In the proprietorship concern, all the work which proprietor is required to do is required to be done from others. Management’s responsibility is to ensure that all the work is done properly. He is responsible to ensure that all the work is done properly.
In the Auditing terms, Management is responsible for preparation & finalization of accounts, to detect any fraud or error and so on.

answered Dec 31, 2016 by Purvi
0 votes

Management refers to those persons who are responsible to carry out activities of an organistaion.
Responsibility of management includes:
1. To prepare financial statements as per financial reporting framework.
2. To maintain books of account.
3. To safe guard assets of entity.
4. To prepare financial statements on going concern basis.
5. To design and implement internal control system.
6. To provide all explanations to auditors when required.

answered Jan 1 by Sankar