Management: The organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of defined

objectives. Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of a management is twofold: marketing andinnovation. Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failuresof certain enterprises, conducted by the English statesmanSir Thomas More (1478-1535). As a discipline, management consists of the interlocking functions of formulatingcorporate policy and organizing, planning, controlling, and directing an organization's resources to achieve the policy's objectives. The directors and managers who have the power andresponsibility to make decisions to manage an enterprise. The size of management can range from one person in a small organization to hundreds or thousands of managers in multinational companies. In large organizations the board of directors formulates the policy which is then implemented by the chief executive officer or the manager. Human Resource: The resource that resides in the knowledge, skills, andmotivation of people. Human resource is the least mobile of the four factors of production, and (under right conditions) it improves with age and experience, which no other resource can do. It is therefore regarded as the scarcest and most crucial productive resource that creates the largest and longest lasting advantage for an organization. Human Resource Management: Human Resource Management (HRM) is the function within an organization that focuses on recruitment management and providing direction for the people who work in the organization. Human Resource Management can also be performed by line managers. Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. Human Resource Management is also a strategic and comprehensive approach to managing people and the workplace culture and environment. Effective HRM enables employees to contribute effectively and productively to the overall company direction and the accomplishment of the organization's goals and objectives. Human Resource Management is moving away from traditional personnel, administration, and transactional roles, which are increasingly outsourced. HRM is now expected to add value to the strategic utilization of employees and that employee programs impact the business in measurable ways. The new role of HRM involves strategic direction and HRM metrics and measurements to demonstrate value.