I know this is an old thread but came across this issue lately and actually found the real solution to it, so thought I would share it with everyone else on here.
I found this on the Microsoft Forums"
"CompMgmtLauncher.exe" expects "C:\ProgramData\Microsoft\Windows\Start Menu\Programs\Administrative Tools" path, so if you have moved this " Administrative Tools " to some other place then from this point "Manage" stops working. Moving the folder back under " C:\ProgramData\Microsoft\Windows\Start Menu\Programs " fixed my enviroment.
First step would be to check if the "Computer Management" link is in the "C:\ProgramData\Microsoft\Windows\Start Menu\Programs\Administrative Tools" folder or where-ever you have changed this folder to (often changed when moving Profile Folders to a different drive)
If its not there, you can create a shortcut from the c:\windows\system32\COMPMGMT.MSC into the above folder and rename it to "Computer Management".
That should fix the problem without having to modify any registry.