Final answer:
Executive management's ultimate function is to lead the organization, engage with stakeholders, manage core functions, and implement strategic initiatives. They advise on decision-making and policy implementation, while also having a strong influence on the selection of the board of directors. In government, they enforce laws, conduct foreign policy, and manage the budget process through agencies like the OMB.
Step-by-step explanation:
The ultimate function of executive management is multifaceted and includes responsibilities such as leading the organization through a shared vision, acting as the interface with stakeholders, managing core business functions, and implementing strategy through planning and directing initiatives. Executive management involves advising and assisting in decision-making and policy implementation, often highlighted at the presidential level within the Executive Office of the President. Additionally, while the board of directors is intended to represent the shareholders' interests, in practice, top executives have significant influence in selecting board members, which can potentially align the board's actions with executive management's interests. At the governmental level, executives such as presidents or prime ministers enforce laws and conduct foreign policy while selecting cabinet members or ministers to oversee various societal and economic aspects. Domestically, this extends to law enforcement and prison operations, and nationally to the role of commander-in-chief of the armed forces. Furthermore, through the Office of Management and Budget (OMB), they oversee the production of the annual budget and the performance of federal bureaucracies among other duties.