Management's badly phrased lie (10)
I believe the answer is:
leadership
'management's' is the definition.
(I've seen this before)
'badly phrased lie' is the wordplay.
'badly' indicates anagramming the letters.
'phrased'+'lie'='phrasedlie'
'phrasedlie' is an anagram of 'LEADERSHIP'.
(Other definitions for leadership that I've seen before include "Authority" , "guidance" , "Best party people" , "What editor gives" , "Management" .)