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LSDefine
Simple English definitions for legal terms
top management
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A quick definition of top management:
Top management refers to the highest level of a company's management. These are the people who make major policy decisions and create long-term business plans. They are responsible for the overall operation of the company. Middle management, on the other hand, are the people who manage day-to-day operations and carry out the directives of top management.
A more thorough explanation:
Definition: Top management refers to the highest level of a company's management, responsible for making major policy decisions and creating long-term business plans. They are the ones who oversee the entire operation of the company.
Examples: The CEO, CFO, and COO are all part of the top management team. They are responsible for setting the company's goals, making important decisions, and ensuring that the company is running smoothly.
For instance, if a company wants to expand its business to a new market, it is the top management's responsibility to decide whether it is feasible and how to go about it. They will also decide on the budget, resources, and timeline for the project. Similarly, if the company is facing financial difficulties, the top management will decide on the necessary steps to take to overcome the situation.
In summary, top management is the highest level of management in a company, responsible for making important decisions and setting long-term goals for the company's success.