Management levels refer to the different tiers of authority and responsibility within an organization. Typically, there are three main levels: top management, middle management, and lower management. Top management includes executives like the CEO and CFO, who set the overall direction and strategy. Middle management, such as department heads, implements these strategies and oversees lower management. Lower management consists of supervisors and team leaders who directly manage employees and day-to-day operations. Each level plays a crucial role in ensuring that the organization functions effectively, with clear communication and delegation of tasks throughout the hierarchy.