In a work setting, managerment is the process of managing one's manager, rather than doing one's job. Normally implies that a manager is incompetent or otherwise unable to fulfill their tasks, (i.e. is prone to panicked outburst that require employees to calm them or otherwise do their job for them).
My manager is so incompetent, I spend more time working on managerment than I do on my job!"
A manager who flies in, makes a lot of noise, craps on everything, and then leaves.
Fred never accomplishes anything. All he does is come in here every now and then, complain about deadlines, puts more work on us, then goes back to surfing the intraweb. He's such a seagull manager.