Management Is Both an Art and a Science. Explain

question 6

Essay

Management is both an art and a science. Explain.

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Definitions:

Injunction

A court order forbidding the continuation of behavior that leads to damages.

Coase Theorem

An economic theory that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient allocation of resources regardless of the initial distribution of property rights.

Liability Rules

Legal principles that dictate how responsibilities and damages are to be handled or compensated in cases of harm or infringement.

Bargaining

The process of negotiating the terms of a transaction or agreement between parties, often involving compromises from the initial positions.