Managers need to communicate with one another with the help of a common vocabulary for a better understanding of their work situation.

Identify the nature of management highlighted in the above statement.

Management as both a Science and Art

The correct answer is option (2) - Management as both a Science and Art.

 The nature of management highlighted in the statement is "Management as both a Science and Art."

Effective communication among managers with a common vocabulary is a practical aspect of management that falls under the art of management. Art in management refers to the application of knowledge and skills in a practical manner.

At the same time, the statement also implies that managers need to use a common vocabulary, which suggests a systematic and scientific approach to management. Management as a science involves the use of principles and methods that are based on research and systematic study.

Therefore, the statement underscores the dual nature of management as both a science (systematic principles) and art (practical application of those principles).

NCERT text: Management is a combination of an organised body of knowledge (science) and its skillful application (art). Although it does not satisfy all the requirements of a profession, it is to a large extent professional in character.