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Well it all depends if you equate good management only in terms of trophies won. You only have to look at what's happened to Ipswich Town since Mick McCarthy left to realise that, with very little to spend in the transfer market, he did a very good job at that club.
However, I'd be far from excited by a McCarthy appointment here. I'd like to think that under him it wouldn't be quite as bad as full on Warnockball, but I'm fairly sure the football would be attritional, set piece orientated and pretty grim - as was mentioned earlier in the thread, City fans have had to watch some right dross for nearly a decade now, can't we have someone who tries to play an attractive brand of football please?