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Webster's New World Finance and Investment Dictionary » Taylor, Frederick W.
Taylor, Frederick W.
Taylor, Frederick W. definition - finance
The creator of scientific management theories that use
time-and-motion studies to increase efficiency. His study about how much time
it took a laborer to shovel coal saved Bethlehem Steel Corporation millions of
dollars in material-handling costs in the 1890s. He was pushed into the
national limelight when attorney Louis Brandeis used TaylorÂ’s scientific
management theories in a highly publicized lawsuit that kept railroads from
increasing freight rates. Taylor described his theories in his book, The Principles of Scientific Management.
Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
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