'Management is regarded as an Art by some, as Science or as an inexact Science by others. The truth seems to be somewhere in between.' In the light of this statement explain the true nature of management. [CBSE 2011]

'Management is regarded as an Art by some, as Science or as an inexact Science by others. The truth seems to be somewhere in between.' In the light of this statement explain the true nature of management. [CBSE 2011]

Answer: Management is an art as well as science though an inexact science.  

Management is an art: Art is the practical application of existing knowledge to achieve desired objectives. It

requires a theoretical base, has personalized application and is based on practice. Management is also an art because, like art, it has a lot of literature as a theoretical base, managers apply theoretical knowledge differently and can embellish their knowledge with practice.

Management is an inexact Science: Science is a systematised body of knowledge, based on experimentation and has universal validity.

Management is also a science because, like science, it is a systematised body of knowledge, its principles are derived through observation and repeated experimentation which can be applied everywhere. But as management is related to human beings the

results of its principles cannot be accurately predicted. Hence, it is better to call management inexact instead of pure science.