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The scientific management theory was presented by Frederick Taylor. The theory is also known as Taylor system. According to the theory there is one best way to do every task, and that way or method of performing the task is called the scientific method. Organizations strive to achieve maximum efficiency so that more work could be done in lesser time. They come up with different strategies and methods to ensure that but research shows that the scientific management is one of the best ways to achieve your goals.

According to the theory if the right job is given to the right person with the right skill and tool, and the task is being performed in the best way possible then the maximum efficiency can be achieved. There are lots of factors which disturb the work of an individual and keep them away from achieving the maximum productivity. These factors include air pollution, noise pollution, unavailable resources, lack of technical knowledge and skills and other such factors. Organizations have realized the importance of eliminating all the possible factors which create hurdles in performing well.

Organizations have practiced this theory to get successful and the management technique has proved to be helpful. Doesn’t matter if the basic technique is still the same but the organizations are now diverting a little from the theory. As the theory claims that there is one best way to perform the task. Companies determine that one best way of performing a task but with new inventions and technologies being discovered efficiency is increasing day by day and one cannot claim that a single way of performing a task is the only way. The new innovations on daily basis make it difficult to determine a single best way. For example: In past we had Floppies to transfer data from one computer system to another, large data was transferred in packs. After that CD’s came and they allowed people to transfer data much more efficiently and now we have got USB’s to transfer the data and other latest technologies. This gives a clear idea that one single way for any task cannot be determined and there is always room for improvement. It is possible to make the new innovative method the best way to perform a task which takes less time and cost.

Most of the organizations do not know much about scientific management and think that the concept has become obsolete, still they knowingly or unknowingly try to implement scientific management into their organizations.

The Business Economics major is a great complement to another major or minor in business, political science, history, accounting or marketing. Economics not only studies economics research and economics financial systems, but also social issues like poverty, pollution, inflation, unemployment, recession and economic growth.

Top market economists are analytical problem solvers who are useful in almost every major industry. They study how the optimal amount of production can be achieved to meet society’s needs. They study market forces that shape financial decision making. They look at how politics affect the commerce marketplace. They look at data to forecast, analyze trends and apply their understanding to a whole range of public issues.

To get an undergrad degree in Business Economics, students attending an accredited economics university will need to take courses like macro economics, microeconomics, financial accounting and reporting, calculus, economics statistics, econometrics, money/banking/credit, business writing, the stock market, labor economics, monetary economics, international trade theory, law and economics, industrial organization, economics and business strategy, organizational psychology, formal organizations and politics and the economy. Students should have a good understanding of math, politics and business. People often choose this major because they want a good job, they want to make a lot of money, they want to be a manager or CPA, they want to have a secure job or they want to get into a good graduate school.

The common starting salary for economists is $38,000 for a bachelor’s degree, $48,000 for a master’s and $70,000 for a PhD, according to a 2002 National Association of Business Economics survey. Those with an economics major enjoy the highest median income compared to other majors, experts say. Economics research also suggests that economics majors earn 20% more than business administration majors, 19% more than accounting majors, 18% more than marketing majors and 15% more than finance majors. When a potential employer sees this major on a resume, he or she immediately understands that you have a solid foundation of math, politics, business and economic theory. Your degree also shows that you have the capacity to process complex subjects and it highlights your problem solving skills, which is valuable in any field.