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In order to run a successful industry, call for a systematic study of the labor force and productivity. In order to make rational and sound comparisons of these theories, it is crucial to understand their economic sense that informed their designs.
Fredrick Taylor is considered the father of scientific theory, as theorized in the late 1880s and 1890s; the theory has significantly impacted positively to economics on labor and production (Neilson and Rossiter 69). Taylor motivation was based on the need to have a new dimension in the production process1. After the era of rule of thumb where employees were subjected to forceful long working hours, Taylor observed that despite the long working hours, there was little reflection on the productivity. Before coming up with scientific theory, he studied employees pattern in jobs such as movement and time wastage. He recognized there was a lot of time wastage and the unskilled approach used was ineffective.
Certainly, the theory was founded after systematic identification of production and output mismatch. The analysis paid attention to rationality, work ethics, standardization and removal of wasteful processes in the entire industrial processes. This harsh economic background informed his suggestion on training each employee and selecting them to undertake the best-suited jobs. In addition, the emphasis on efficiency through utilization of relevant skills and knowledge culminated into the scientific model that is relevant to modern economics and management.
This theory developed substantially in 1930s following a shift in European economies to the use of machines and equipment in industrial processes (Kluvert 160). According to Charles Maler, the theory developed from its predecessor Taylorism, a suggestion that focused on organizational productivity through enhancing creativity and innovation in each process. As efficiency continued to dominate economists vocabulary, Fordism
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As per the working attached the current ratio of Pepsi Co is 1.436 and that of Coca-Cola Enterprise 1.134, which represents that per $1 of the Current Liabilities, there are the Current Assets worth $1.436 and $1.134, for PepsiCo and Coca-Cola Enterprise respectively.
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Frederick Winslow Taylor’s Life
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