Upper management

Senior management, executive management, or a management team is generally a team of 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. They hold specific powers delegated to them with and by authority of a board of directors and/or the shareholders. Generally, higher levels of 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 team (TMT) is a specific form of team which typically consists of some of the top managers in a firm. However, there is no clear definition to what the top management team 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 team generally has a much higher responsibility and considerable autonomy than other types of teams.

Possible tasks include

The way TMTs are put together and work together as a team can greatly differ from other teams. This is mainly based on the fact that top managers have succeeded as individuals which often leads to a focus on functional team objectives rather than to working interdependently on a shared goal. TMTs consist of top managers from different functional areas of the firm, so they usually have different areas of expertise. Diversity and heterogeneity in teams can have a positive effect on teamwork. Nevertheless, there are also negative effects which have to be overcome as a team like not valuing different opinions and perspectives. A CEO that models valuing behavior and ensures the team has both a clear purpose and clear objectives can do just that. This also reduces social categorization effects because it leads to team members focusing more on their shared goals than on their differences.

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Wikipedia