Management development is the process by which managers learn and improve their management skills.
In organisational development, management effectiveness is recognized as a determinant of organisational success. Therefore, investment in management development can have a direct economic benefit to the organisation. In 2004, the money spent per year per manager on management and leadership development was £1,035, an average of 6.3 days per manager.
Managers are a critical part of the organization's decision-making process, therefore, management development is a crucial factor in improving their performance. The purpose of management development lies in a few essential elements to the organizations: motivate managers by guiding them to achieve their professional growth goals, develop the full potential of manager's talents, train managers' capacity to lead and optimize workforce efficiency, support manager's planning and execution skills, and improve organizational results by developing high-performance professionals. 
Many management qualifications now have an action learning element. Action learning asserts that individuals learn best from hands-on experience.
Coaching is a teaching, training or development process in which an individual is supported while achieving a specific personal or professional result or goal. Coaching is an effective learning tool that affects the bottom line and productivity, as well as intangible benefits. It aids in the improvement of individual performance, tackles underperformance, and aids in the identification of personal learning needs.
One of the biggest growth areas in UK education since the early 1980s has been the growth of university-level management education. In addition to weekly part-time attendance at college/university, many students employ distance learning. The number of UK business schools grew from two in the early 1970s, to over one hundred providers.
Management development programmes (MDP) are conducted by big corporates and management institutes in order to enable current and prospective managers to develop an understanding of management concepts, practices, approaches and perspectives. The participants gain an immersive learning experience and are encouraged to provide insights on situational problems and are exposed to the views of other participants of their group. Through this process, they gain problem solving skills and analytical thinking ability.