“…Managerial competence has been advanced as one of the keys to unlocking the potential of other core factors of production (Drejer, 2001; Docherty and Nyhan, 1997; Burack et al , 1997; Capelli and Crocker‐Hefer, 1996; Hall and Foulkes, 1991; Prahalad and Hamel, 1990; Storey, 1989) where the ability of managers is viewed as having an influence on the return an organization gets from its investment in human and material capital. Management development is now viewed as an “enabler” which leverages organizational flexibility and efficiencies (O'Connell and Lyons, 1995; Lippitt, 1981) and builds competence among those responsible for formulating and implementing strategies and policies designed to effectively manage the firms resources (Hales, 1986; Hambrick, 1987; Lees, 1992; Baird et al , 1994; Black and Boal, 1994; Pfeffer, 1994; Cannon, 1995; Bergenhenegouwen et al , 1996; Sveiby, 1997). However, as Kamoche (2000, p. 748) notes, while there seems to be some evidence that management training and development can positively impact organizational performance, the “difficulty of establishing such a linkage has led some to accept the value of management training and development as an act of faith”.…”