'Management is regarded as an Art by some, as Science or as an inexact Science by other. The truth seems to be somewhere in between.' In the light of this statementexplain the true nature of management. 

Art is the practical application of existing knowledge to achieve desired objectives. It requirestheoretical base, has personalized application and based on practice.

Management is also an art because like art, it has a lot of literature as theoretical base, managersapply 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 universalvalidity.

Management is also a science because like science, it is a systematised body of knowledge, itsprinciples are derived through observation and repeated experimentation which can be appliedeverywhere. But management is related with human beings the results of its principles cannot beaccurately predicted. Hence, it is better to call management an inexact instead of pure science.