Taylor, Frederick W. Hear it!

Taylor, Frederick W. Finance Definition

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 Taylor’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.