Other forms: managements
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.