By using these words you can end any conversation, denote the finish of a project, or excuse yourself from any situationwith authority. It's almost like... magic.
"I'll see you guys on Tuesday at 5:00. Mischief managed!"
Phrase used to 'close' the Marauders Map, making it blank and causing it to appear as a normal piece of parchment until the words "I solemnly swear I am up to no good" are spoken, which activate it. (Part of the Harry Potter book series)
A new, more hip way to be owned . Management, while having the same connotation of complete loss or failure, happens more frequently in the real world than its virtual counterpart, ownage.