The Principles of Scientific Management
1. The development of a true science of work. Taylor aimed to replace the ruleof-thumb and find the “one best way” to efficiently complete a task. This means utilising the least amount of time and labour to save costs and increase profit.
2. Scientific selection of the “first-class man” (Taylor, 1903, p.1345). This involves hiring the most suitable individual for the job, based on their physical and mental capabilities.
3. Progressive development of the worker. The scientifically selected workmen are trained to follow precisely defined procedures.
4. Compensation for first-class employees. Taylor believed providing financial incentives would motivate good performance.
5. Planning and organisation are the sole responsibility of managers; “The work of every workman is fully planned out by management” (Taylor, 1911, p.39).Any action performed by workmen must be verified by management and instructed in exact detail.
1. Screenshot and brief comments of the Trial Balance
3. Screenshot and brief comments Balance Sheet.
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