Step 1: Nature of Management.
Management is characterized as a Science due to its systematic knowledge, principles, and testable techniques. It is also viewed as an Art, requiring creativity, experience, and personal skills for effective resource and people management.
- Option 1 is validated by management's dual nature as both science and art.
- Option 2 is invalidated as management intrinsically includes an art component, encompassing interpersonal interactions, decision-making, and crisis management.
- Option 3 is invalidated; management is not an exact science comparable to physics or chemistry, as human variables introduce unpredictability.
- Option 4 is invalidated; while recognized, management as a profession is still developing and does not fully align with established professions like law or medicine.
Step 2: Summary.
The accurate assertion is that management exhibits characteristics of both science and art.
Final Answer: \[\boxed{\text{Management possesses attributes of both Science and Art.}}\]