The Collaborative International Dictionary of English v.0.48:

Conduct \Con*duct"\ (k[o^]n*d[u^]kt"), v. t. [imp. & p. p.
   Conducted; p. pr. & vb. n. Conducting.] [See Conduct,
   n.]
   1. To lead, or guide; to escort; to attend.
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            I can conduct you, lady, to a low
            But loyal cottage, where you may be safe. --Milton.
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   2. To lead, as a commander; to direct; to manage; to carry
      on; as, to conduct the affairs of a kingdom.
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            Little skilled in the art of conducting a siege.
                                                  --Prescott.
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   3. To behave; -- with the reflexive; as, he conducted himself
      well.
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   4. (Physics) To serve as a medium for conveying; to transmit,
      as heat, light, electricity, etc.
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   5. (Mus.) To direct, as the leader in the performance of a
      musical composition.
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WordNet (r) 3.0 (2006):

conducting
    n 1: the way of administering a business
    2: the direction of an orchestra or choir; "he does not use a
       baton for conducting"