Taylorism

Examples of Taylorism in the following topics:

• The Taylor Rule

  • Taylor's rule was designed to provide monetary policy guidance for how a central bank should set short-term interest rates.
  • The Taylor rule is a formula developed by Stanford economist John Taylor.
  • The Taylor rule doesn't always provide an easy answer.
  • However, the Federal Reserve does not follow the Taylor rule as an explicit policy.
  • Stanford University Professor John Taylor is the creator of the Taylor Rule, a monetary policy instrument developed to promote stable economic growth and limit short-run economic disruption related to inflation.

• Taylor Polynomials

  • A Taylor series is a representation of a function as an infinite sum of terms calculated from the values of the function's derivatives.
  • Any finite number of initial terms of the Taylor series of a function is called a Taylor polynomial.
  • To evaluate the integral $I = \int_{a}^{b} f(x) \, dx$, we can Taylor-expand $f(x)$ and perform integration on individual terms of the series.
  • Therefore, as long as Taylor expansion is possible and the infinite sum converges, the definite integral ($I$) can be evaluated.
  • The exponential function (in blue) and the sum of the first 9 terms of its Taylor series at 0 (in red).

• Taylor and Maclaurin Series

  • The concept of a Taylor series was formally introduced by the English mathematician Brook Taylor in 1715.
  • Any finite number of initial terms of the Taylor series of a function is called a Taylor polynomial.
  • The Taylor series of a function is the limit of that function's Taylor polynomials, provided that the limit exists.
  • A function may not be equal to its Taylor series, even if its Taylor series converges at every point.
  • Identify a Maclaurin series as a special case of a Taylor series

• Applications of Taylor Series

  • Taylor series expansion can help approximating values of functions and evaluating definite integrals.
  • The partial sums (the Taylor polynomials) of the series can be used as approximations of the entire function.
  • Taylor series is especially useful in evaluating definite integrals.
  • $e^{ix}$ can be found from the Taylor expansion of $\cos(x)$ and $\sin(x)$:
  • As more terms are added to the Taylor polynomial, it approaches the correct function.

• Frederick Taylor

  • Scientific management, also called Taylorism, concerns the analysis and synthesis of workflows to improve productivity.
  • Scientific management, also called Taylorism, is a theory of management that analyzed and synthesized workflows.
  • Its development began with Frederick Winslow Taylor in the 1880s and 1890s within the manufacturing industries.
  • Taylor proposed a "neat, understandable world in the factory, an organization of men whose acts would be planned, coordinated, and controlled under continuous expert direction. " Factory production was to become a matter of efficient and scientific management—the planning and administration of workers and machines alike as components of one big machine.
  • Scientific management, also called Taylorism, is a theory of management that analyzed and synthesized workflows.

• Scientific Management: Taylor and the Gilbreths

  • While the terms "scientific management" and "Taylorism" are often treated as synonymous, an alternative view considers Taylorism to be the first form of scientific management.
  • A significant part of Taylorism was time studies.
  • Taylor was concerned with reducing process time and worked with factory managers on scientific time studies.
  • By counting and calculating, Taylor sought to transform management into a set of calculated and written techniques.
  • This difference led to a personal rift between Taylor and the Gilbreths, which, after Taylor's death, turned into a feud between the Gilbreths and Taylor's followers.

• Expressing Functions as Power Functions

  • The Taylor series of a real or complex-valued function $f(x)$ that is infinitely differentiable in a neighborhood of a real or complex number $a$ is the power series:
  • Any finite number of initial terms of the Taylor series of a function is called a Taylor polynomial.
  • If the Taylor series is centered at zero, then that series is also called a Maclaurin series:
  • Figure shows $\sin x$ and Taylor approximations, polynomials of degree 1, 3, 5, 7, 9, 11 and 13.
  • As more power functions with larger exponents are added, the Taylor polynomial approaches the correct function.

• Brief history of traditional approaches to job design

  • Taylorism, also known as scientific management, is a foundation for management and managerial decisions.
  • Frederick Taylor developed this theory in an effort to develop a "science" for every job within an organization (Taylorism).

• Macroeconomic Factors Influencing the Interest Rate

  • Taylor explained the rule of determining interest rates using three variables: inflation rate, GDP growth, and the real interest rate.
  • In economics, a Taylor rule is a monetary-policy rule that stipulates how much the Central Bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions.
  • According to Taylor's original version of the rule, the nominal interest rate should respond to divergences of actual inflation rates from target inflation rates and of actual Gross Domestic Product (GDP) from potential GDP:
  • In this equation, both απ and αy should be positive (as a rough rule of thumb, Taylor's 1993 paper proposed setting απ =αy = 0.5).
  • Taylor explained the rule in simple terms using three variables: inflation rate, GDP growth, and the equilibrium real interest rate.

• Flaws in the Classical Perspectives

  • Generally the classical view is associated with Taylorism and scientific management, which are largely criticized for viewing the worker as more of a gear in the machine than an individual.
  • That outcome neutralized most or all of the benefit of any productivity gains that Taylorism had achieved.
  • It would take new efforts, borrowing some ideas from Taylorism but mixing them with others, to produce more successful formulas.
  • Taylorism and classical management styles negatively affected the morale of workers, which created a negative relationship between workers and managers.
  • Assess the comprehensive arguments underlining the flaws in utilizing classical organizational theory perspectives, primarily Taylorism and the scientific method