What is the meaning of cost …

(a) Systematic Body of Knowledge: Science has a specified body of knowledge which is based on cause and effect relationship. Similarly, management has its own body of theories and principles that are developed over years. In addition, similar to other disciplines of science, management also has its own vocabulary.

(b) Theories Based on Experimentation: In science the principles and theories are based on continuous observation and experimentation. In a same manner, the principles of management have also developed over several years based on repeated observations and experiments. However, as against science, in management no exact cause and effect relationship can be established. This is because management primarily deals with humans and human behavior. As human behavior is subject change, so, the outcome of these theories would also vary from one situation to another. Despite this, management fulfils this criterion of science to some extent as the scholars have been able to identify certain theories and principle that act as guidelines in management.