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.

3. This knowledge is to be had _now_. The men who have it are
ready and glad to impart it to all who are interested and who will
pass it on.[5] The text books are at hand now. The opportunities for
practical experience in Scientific Management will meet all demands
as fast as they are made.

4. The psychology of, that is, the mind's place in management is
only one part, element or variable of management; one of numerous,
almost numberless, variables.

5. It is a division well fitted to occupy the attention of the