Pay per click management is keeping an eye on your pay per click campaigns to see how well they are doing and adjusting click bids and keywords accordingly. You can do this yourself, get hold of software to do it for you, or even hire a company to manage your campaigns.
Doing your own pay per click management requires regular analysis. You need to keep track of how your keywords are performing in your campaigns, check whether you are still bidding high enough on each keyword to keep it in the running for listings and make sure you are not overrunning your budget. To keep your listings prominent, you may need to make amendments to your bids daily. You'll also need to be aware of how to look for click fraud and keep on top of that.
Software is available for pay per click management. A search on "pay per click management" will bring up a host of programs you can use, which can track your bids and keep them high enough for your ads to keep running. However you will still need to check on this regularly to make sure you are budgeting well and effectively with the keywords you have. The software may also alert you to signs of click fraud and give an indication of where it is coming from.
The other option is to hire a pay per click management company. That same search for "pay per click management" will bring up a selection of these companies of real people who will do the job of tracking your bids and how effective your campaigns are, though this could prove a costly long term option unless your site brings you a lot of income to make it worthwhile.
You can of course mix these options to see which works best for you. If you don't understand the reports your pay per click program provides, try one of the other options for a while to see how it works to help you gain a better understanding before tackling your own pay per click management. Or, do it the other way around – use a pay per click management system to get started before you go it alone once a campaign has been set up to run effectively.