Law
Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. Law is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent, normally in common law jurisdictions. Private individuals can create legally binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process. The formation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people.
Management
Management (or managing) is the administration of an organization, whether it is a business, a not-for-profit organization, or government body. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources. The term "management" may also refer to those people who manage an organization.
Waste
Waste (or wastes) are unwanted or unusable materials. Waste is any substance which is discarded after primary use, or is worthless, defective and of no use.
Management
In the long-run the workman may be as necessary to his master as his master is to him, but the necessity is not so immediate.
Adam Smith (1776) The Wealth of Nations Chapter VIII, p. 80
Management
Poorly managed corporations, disorganized businesses, and badly led service agencies experience crisis daily and most will eventually fail. In contrast, the danger is to well organized, smooth running institutions that may not recognize a building crisis. Too often, sound organizations rely on their normal modus operandi to pull them through a crisis. It might. But at what cost? And what if it does not pull them through?
Wheeler L. Baker, Crisis Management: A Model for Managers (1993), p. 6
Management
Management as an activity has always existed to make people’s desires through organized effort. Management facilitates the efforts of people in organized groups and arises when people seek to cooperate to achieve goals.
Daniel A. Wren and Arthur G. Bedeian. The evolution of management thought, 1972, p. 11-12
