The Concept of Financial Freedom
Every activity done by human beings is generally linked to a larger goal, a pursuit to achieve something important in life. Financial planning is also not very different in this regard. The month to month activity of financial planning is tied with a larger goal. For most people, financial freedom is an important milestone in […]
Top 5 Economic Myths
When analyzed in financial terms, it turns out that the world is in a precarious position. However, there seems to be no sense of urgency amongst the people. This may be because of the fact that newspapers, as well as other forms of media, are not warning the people that a recession might be around […]
Financial Trends in The Retail Industry
The retail industry has already been undergoing a massive change since a long period of time. This industry has seen a huge impact of the rise of internet and associated technologies. It was also amongst the industries which were greatly impacted by the pandemic. The macroeconomic factors have always had a significant impact on the […]
Marketing and Seasonal Demand for Goods and Services
What is Seasonal Demand ? Marketing is the process of meeting needs that are both existing as well as unmet. To explain, marketers promote and sell goods and services which the consumers want as well as determine what they want and which does not exist at the moment. In other words, marketing is all about […]
Basel Approaches in Operational Risk Management
The Bank of International Settlements (BIS) has created the Basel norms so that the operational risk measurement and mitigation are standardized across all financial institutions. However, the approach suggested by BIS has not been constant. Over the years, it has been evolving to become more complex and sophisticated. Over the course of time, three approaches […]
Fredrick Winslow Taylor ( March 20, 1856 - March 21, 1915) commonly known as ’Father of Scientific Management’ started his career as an operator and rose to the position of chief engineer. He conducted various experiments during this process which forms the basis of scientific management. It implies application of scientific principles for studying & identifying management problems.
According to Taylor, “Scientific Management is an art of knowing exactly what you want your men to do and seeing that they do it in the best and cheapest way”. In Taylors view, if a work is analysed scientifically it will be possible to find one best way to do it.
Hence scientific management is a thoughtful, organized, dual approach towards the job of management against hit or miss or Rule of Thumb.
According to Drucker, “The cost of scientific management is the organized study of work, the analysis of work into simplest element & systematic management of worker’s performance of each element”.
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