Only training can not provide the requirement of knowledge, personality, attitude, behaviorism etc. Training focuses on development of specific skills specially for middle and lower level employees. Management development is implemented for the development of managerial potentials.
Management development is a process through which potential managers develop their managerial skills on handling situations, people and problems. It largely depends on imparting knowledge rather than skills; hence, it is a long education process of developing future managers. In other words, it is a process consisting of all activities by which potential managers or executives learn required skills and knowledge to improve their behavior and performance. Management development is a continuous process of developing managerial potential by enhancing conceptual, interpersonal and decision making skills.
More specifically, management development can be defined as an attempt of improving managerial performance by imparting knowledge, changing attitude or increasing skills thereby enhancing the future performance of the company.It is very important due to ever changing environmental forces accompanied by the effect of globalization and breakthrough in physical science. It is concerned with skill development activity provided to the higher level managers which attempts to instill sound reasoning process. It helps to understand cause and effect relationship, synthesize for experience, visualize relationship, or think logically.