Introduction:
When revising the Management Optional subject, it is essential to strike a balance between contemporary management practices and historical management theories. Both aspects have their own significance and can provide valuable insights into the field of management. Let us delve deeper into the benefits of focusing on each area.

Contemporary Management Practices:
1. Relevance: Studying contemporary management practices allows you to understand the latest trends and developments in the field. It helps you stay updated with the current managerial techniques and strategies employed by organizations worldwide.
2. Applicability: Contemporary practices are directly applicable to the modern business environment and can provide practical solutions to the challenges faced by managers today.
3. Case Studies: Analyzing contemporary management practices enables you to explore real-life case studies that showcase successful implementation of innovative management techniques. This helps in developing a deeper understanding of their effectiveness.
4. Research Opportunities: By focusing on contemporary management practices, you open doors to conducting research on emerging topics, contributing to the advancement of management knowledge.

Historical Management Theories:
1. Foundation: Understanding historical management theories provides a strong foundation for comprehending the evolution of management as a discipline. It helps in grasping the fundamental principles and concepts that form the basis of modern management practices.
2. Contextual Perspective: Historical management theories offer insights into the historical context in which management concepts developed. This perspective helps in understanding the rationale behind certain practices and their relevance in different eras.
3. Critical Analysis: Studying historical management theories allows you to critically analyze their strengths, weaknesses, and limitations. This evaluation aids in identifying areas where improvements can be made and alternative approaches can be explored.
4. Intellectual Development: Examining historical management theories enhances your intellectual development by exposing you to the works of prominent management thinkers. It broadens your knowledge base and fosters a deeper appreciation for the evolution of management thought.

Conclusion:
In conclusion, when revising the Management Optional subject, it is advisable to strike a balance between contemporary management practices and historical management theories. Both aspects provide unique benefits - contemporary practices offer relevance and applicability to the current business environment, while historical theories provide a foundation and contextual perspective. By studying both, you can gain a comprehensive understanding of management as a discipline and develop the skills necessary to tackle managerial challenges effectively.