Step 1: Understanding the Concept:
To identify whether management is an art, science, or profession, we must match the specific feature "application of knowledge" with the defining characteristics of these terms.
Step 2: Detailed Explanation:
Art is defined as the skillful and personal application of existing knowledge to achieve desired results.
Key features of art include:
1. Existence of theoretical knowledge: Art presupposes certain basic principles (e.g., literature on music or dance).
2. Personalised application: Every artist applies their knowledge in their own unique way.
3. Based on practice and creativity: Continuous practice makes one perfect and allows for creative solutions.
In management, a manager studies theories (science) but applies them based on their personal skills and the specific situation (art).
Step 3: Final Answer:
The application aspect is the primary characteristic of an Art.