MGMT 8003M: Gateway to Doctoral Studies | Week 5 “A young man is a theory, an old man is a fact.” —E. W. Howe Theoretical concepts, and the theories that relate these concepts to one another, are key elements in any field of study, and management is no exception. Theories are useful in examining problems without getting distracted by circumstantial and environmental factors; they allow scientists to isolate key elements and speculate about their relationships. The accuracy and validity of theories is tested through real-world observations or experiments. The results frequently give rise to revisions or indeed the emergence of brand new
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