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Management is often included as a factor of production along with? machines, materials, and money . According to the management guru Peter Drucker (1909-2005), the basic task of management includes both marketing and innovation . Practice of modern management originates from the 16th century study of low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). Management consists of the interlocking functions of creating corporate policy and organizing , planning , controlling, and directing an organization's resources in order to achieve the objectives of that policy .