Concept:
Koontz and Weihrich defined management as:
\[
\text{``The process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.''}
\]
Management involves:
• Planning
• Organizing
• Staffing
• Directing
• Controlling
It helps individuals work effectively toward organizational goals.
Step 1: Analyze option A.
Supervising refers to overseeing the work of others and is only one part of management.
Hence, option A is incorrect.
Step 2: Analyze option B.
The given definition is the standard definition of Management by Koontz and Weihrich.
Hence, option B is correct.
Step 3: Analyze option C.
Auditing relates to examination and verification of records and accounts.
Hence, option C is incorrect.
Step 4: Analyze option D.
Reviewing means examining or assessing performance and is not the given definition.
Hence, option D is incorrect.
Therefore, the correct answer is:
\[
\boxed{(B)\ \text{Management}}
\]