The noun management means "the act of directing or controlling things," like your management of five-year-olds that included fun time, quiet time, and clean-up time.

Management can be the people in charge of running a business, who have employees who report to them, or the work those leaders do. Good management is a combination of people skills, shrewd business plans, and probably a little luck, too. Outside of business, management can describe anything you direct, like the management of your health by eating right, exercising, seeing your doctor regularly, and getting enough sleep.

Definitions of management
  1. noun
    the act of managing something
    “he was given overall management of the program”
    synonyms: direction
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    the direction of an orchestra or choir
    database management
    creation and maintenance of a database
    the management of money and credit and banking and investments
    the management of a household
    bad or dishonest management by persons supposed to act on another's behalf
    misdirection, mismanagement
    management that is careless or inefficient
    handling, treatment
    the management of someone or something
    oversight, superintendence, supervising, supervision
    management by overseeing the performance or operation of a person or group
    administration, disposal
    a method of tending to or managing the affairs of a some group of people (especially the group's business affairs)
    authorisation, authorization, empowerment
    the act of conferring legality or sanction or formal warrant
    the act of withdrawing certification or terminating a franchise
    canalisation, canalization, channelisation, channelization
    management through specified channels of communication
    guidance, steering
    the act of guiding or showing the way
    engaging in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit etc.
    the complete mismanagement or mishandling of a situation
    the act of treating waste or pollutants by the use of microorganisms (as bacteria) that can break down the undesirable substances
    method or manner of conduct in relation to others
    keeping watch over examination candidates to prevent cheating
    the way of administering a business
    line management
    administration of the activities contributing directly to an organization's output
    organisation, organization
    the act of organizing a business or an activity related to a business
    the act of administering or being in charge of something
    shrewd or crafty management of public affairs
    the act of final authorization
    license, permission, permit
    the act of giving a formal (usually written) authorization
    certification, enfranchisement
    the act of certifying or bestowing a franchise on
    commission, commissioning
    the act of granting authority to undertake certain functions
    delegating, delegation, deputation, relegating, relegation
    authorizing subordinates to make certain decisions
    loan approval
    formal authorization to get a loan (usually from a bank)
    rubber stamp
    routine authorization of an action without questions
    type of:
    social control
    control exerted (actively or passively) by group action
  2. noun
    those in charge of running a business
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    the management of a gambling house or casino
    type of:
    administration, brass, establishment, governance, governing body, organisation, organization
    the persons (or committees or departments etc.) who make up a body for the purpose of administering something
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