Those people who, collectively or individually, are responsible for running a business or organization. Management is [ usually broken down into specific parts, e.g. works management, personnel management, sales management, etc. The British Institute of Management, established by the Board of Trade in 1964, is an overall body which claims to represent all the various elements; it promotes courses and is involved in the dissemination of information. The Institute offers membership to (1) those who have achieved a position of respect in the world of management – these are made fellows (F.B.I.M.); (2) those who these are made associate members (A.M.B.I.M.). Other members are known as M.B.I.M. Members are often colloquially referred to as the ‘BIM boys’.
Reference: The Penguin Business Dictionary , 3rd edt.