Three different areas of management study: modelling, quantitative and qualitative are discussed in conjunction with three Greek philosophical notions of human action, namely: theoria/episteme, poiesis/techne and praxis/phronesis; together with three Kantian forms of scientific knowledge: exact knowledge, experience and experimental knowledge and knowledge in humanities. Balancing the pendulum between abstract, mathematical modelling (theoria/episteme), empirically oriented explanatory applications (poiesis/techne) and reflective understanding of wisdom and judgement (praxis/phronesis) has been conducted over the years with an emphasis on modelling and empirical problem solving; whereas aspects of discerning managerial decision-making and decorum have been more remotely addressed. Pressing management concerns surrounding, e.g., accountability, environment and ethics do however embrace the understanding aspects of praxis and phronesis, rather than more elaborate mathematical sophistication from the field of theoria and episteme.