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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

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4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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  1. Time Study

    1. It is a technique which enables the manager to ascertain standard time taken for performing a specified job.
    2. Every job or every part of it is studied in detail.
    3. This technique is based on the study of an average worker having reasonable skill and ability.
    4. Average worker is selected and assigned the job and then with the help of a stop watch, time is ascertained for performing that particular job.
    5. Taylor maintained that Fair day’s work should be determined through observations, experiment and analysis by keeping in view an average worker.

        Standard Time × Working Hours = Fair Day’s Work

  2. Motion Study

    1. In this study, movement of body and limbs required to perform a job are closely observed.
    2. In other words, it refers to the study of movement of an operator on machine involved in a particular task.
    3. The purpose of motion study is to eliminate useless motions and determine the bet way of doing the job.
    4. By undertaking motion study an attempt is made to know whether some elements of a job can be eliminated combined or their sequence can be changed to achieve necessary rhythm.
    5. Motion study increases the efficiency and productivity of workers by cutting down all wasteful motions.
  3. Functional Foremanship

    1. Taylor advocated functional foremanship for achieving ultimate specification.
    2. This technique was developed to improve the quality of work as single supervisor may not be an expert in all the aspects of the work.
    3. Therefore workers are to be supervised by specialist foreman.
    4. The scheme of functional foremanship is an extension of principle pf specialization at the supervisory level.
    5. Taylor advocated appointment of 8 foramen, 4 at the planning level & other 4 at implementation level.
    6. The names & function of these specialist foremen are: -
      • Instruction card clerk concerned with tagging down of instructions according to which workers are required to perform their job
      • Time & cost clerk is concerned with setting a time table for doing a job & specifying the material and labor cost involved in it.
      • Route clerk determines the route through which raw materials has to be passed.
      • Shop Disciplinarians are concerned with making rules and regulations to ensure discipline in the organization.
      • Gang boss makes the arrangement of workers, machines, tools, workers etc.
      • Speed boss concerned with maintaining the speed and to remove delays in the production process.
      • Repair boss concerned with maintenance of machine, tools and equipments.
      • Inspector is concerned with maintaining the quality of product.
  4. Standardization

    1. It implies the physical attitude of products should be such that it meets the requirements & needs of customers.
    2. Taylor advocated that tools & equipments as well as working conditions should be standardized to achieve standard output from workers.
    3. Standardization is a means of achieving economics of production.
    4. It seems to ensure -
      • The line of product is restricted to predetermined type, form, design, size, weight, quality. Etc
      • There is manufacture of identical parts and components.
      • Quality & standards have been maintained.
      • Standard of performance are established for workers at all levels.
  5. Differential Piece Wage Plan

    1. This tech of wage payment is based on efficiency of worker.
    2. The efficient workers are paid more wages than inefficient one.
    3. On the other hand, those workers who produce less than standard no. of pieces are paid wages at lower rate than prevailing rate i.e. worker is penalized for his inefficiency.
    4. This system is a source of incentive to workers who improving their efficiency in order to get more wages.
    5. It also encourages inefficient workers to improve their performance and achieve their standards.
    6. It leads to mass production which minimizes cost and maximizes profits.
  6. Other Techniques

    1. Various other techniques have been developed to create ordeal relationship between management and workers and also to create better understanding on part of works.
    2. Those includes use of instruction cards, strict rules & regulations, graphs, slides, charts etc, so as to increase efficiency of workers.

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