This is going to be an interactive WTF. If you have Windows 7, you can follow along!
First, test out the right-click Computer > Manage tool. Nice tool, lots of options... ok it works so close it.
Right click the All Programs button in the Start Menu and click Open All Users. Then navigate to Programs > Administrator Tools. Rename or move the Computer Management tool. Try right clicking Computer and doing Manage again.
Wait, nothing happens?
Restore the Computer Management shortcut and try Computer > Manage again. It works this time.
Is it doing what you think it's doing? Yes. Yes it is. And if the user wants to move or delete that shortcut? Yes, the Manage menu option breaks silently, and the user may never figure out what caused it.
And it gets better!
Further inspection reveals that the Manage option actually launches a separate program CompMgmtLauncher.exe. This program's sole purpose is life is to turn around and launch the aforementioned shortcut from the Start Menu using a hard coded path, then quit. The shortcut then finally fires up the actual Computer Management tool.
So the Manage option is a shortcut to a shortcut to a shortcut to the Computer Management tool.
Changing the registry entry for Manage to point to "mmc.exe compmgmt.msc" seems to work perfectly. If there's a reason for the additional levels of indirection, other than incompetence, I don't see it.