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Concept
Senior management
Summary
Senior management, executive management, upper management, or a management is generally individuals at the highest level of management of an organization who have the day-to-day tasks of managing that organization—sometimes a company or a corporation.
Executive managers hold powers delegated to them with and by authority of a board of directors and/or the shareholders. Generally, higher levels of responsibility exist, such as a board of directors and those who own the company (shareholders), but they focus on managing the senior or executive management instead of on the day-to-day activities of the business. The executive management typically consists of the heads of a firm's product and/or geographic units and of functional executives such as the chief financial officer, the chief operating officer, and the chief strategy officer. In project management, senior management authorises the funding of projects.
Senior management are sometimes referred to, within corporations, as executive management, top management, upper management, higher management, or simply seniors.
A top management (TMT) is a specific form of which typically consists of some of the top managers in a firm. However, there is no clear definition to what the top management of an organization is. It is put together by the chief executive officer (CEO) to work on a specific task. In working on this task, the generally has a much higher responsibility and considerable autonomy than other types of teams.
Possible tasks include:
ensuring the organization is effective and successful by taking on responsibility for the implementation of an appropriate strategy that the organization can adapt to,
effectively managing the demands of stakeholders,
giving clear definitions of what constitutes effectiveness and success,
ensuring the implementation of the strategy and the targeting of resources towards success,
reviewing if their actions are relevant to the organization's overall goals.
The way TMTs are put together and work together as a team can greatly differ from other teams.
Official source
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