The study of management has been omitted from the student's training until comparatively recently, for a very different reason than was psychology. It was never doubted that a knowledge of management would be of great value to anyone and everyone, and many were the queer schemes for obtaining that knowledge after graduation. It was doubted that management could be studied otherwise than by observation and practice.[1] Few teachers, if any, believed in the existence, or possibility, of a teaching science of management. Management was assumed by many to be an art, by even more it was thought to be a divinely bestowed gift or talent, rather than an acquired accomplishment. It was common belief that one could learn to manage only by going out on the work and watching other managers, or by trying to manage, and not by studying about management in a class room or in a text book; that watching a good manager might help one, but no one could hope really to succeed who had not "the knack born in him." With the advent of "Scientific Management," and its demonstration that the best management is founded on laws that have been determined, and can be taught, the study of management in the class room as well as on the work became possible and actual.[2] VALUE OF PSYCHOLOGY OF MANAGEMENT.--Third, we must consider the value of the study of the psychology of management.[3] This question, like the one that precedes it, is answered by Scientific Management. It has demonstrated that the emphasis in successful management lies on the _man_, not on the _work_; that efficiency is best secured by placing the emphasis on the man, and modifying the equipment, materials and methods to make the most of the man. It has, further, recognized that the man's mind is a controlling factor in his efficiency, and has, by teaching, enabled the man to make the most of his powers.[4] In order to understand this teaching element that is such a large part of management, a knowledge of psychology is imperative; and this study of psychology, as it applies to the work of the manager or the managed, is exactly what the "psychology of management" is. FIVE INDICATIONS OF THIS VALUE.--In order to realize the importance of the psychology of management it is necessary to consider the following five points:-- 1. Management is a life study of every man who works with other men. He must either manage, or be managed, or both; in any case, he can never work to best advantage until he understands both the psychological and managerial laws by which he governs or is governed. 2. A knowledge of the underlying laws of management is the most important asset that one can carry with him into his life work, even though he will never manage any but himself. It is useful, practical, commercially valuable.