economics

William Edwards Deming and Total Quality Management

William Edwards Deming and Total Quality Management

On October 14, 1900, American engineer, statistician, professor, author, lecturer, and management consultant William Edwards Deming was born. Deming often is referred to as the father of “Total Quality Management.” After World War II, he contributed to Japan‘s economic recovery by recommending statistical methods of quality control in industrial production. His method embraced carefully tallying product defects, examining their causes, correcting the problems, and then tracking the results of these changes on…
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Josiah Wedgwood and his Pottery Company

Josiah Wedgwood and his Pottery Company

On July 12, 1730, English potter and founder of the eponymous company Josiah Wedgwood was born. Wedgwood is credited with the industrialisation of the manufacture of pottery. Every new invention that Wedgwood produced – green glaze, creamware, black basalt and jasper – was quickly copied. Having once achieved perfection in production, he achieved perfection in sales and distribution. The Art of Making Porcelain We had already featured the (re-)discovery of the art…
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Herbert A. Simon and the Science of Decision Making

Herbert A. Simon and the Science of Decision Making

On June 15, 1916, American political scientist, economist, sociologist, psychologist, and computer scientist Herbert Alexander Simon was born. Simon was among the founding fathers of several of today’s important scientific domains, including artificial intelligence, information processing, decision-making, problem-solving, organization theory, complex systems, and computer simulation of scientific discovery. With almost a thousand highly cited publications, he was one of the most influential social scientists of the 20th century. “(If) there were no…
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Frederick W. Taylor – the first Management Consultant

Frederick W. Taylor – the first Management Consultant

On March 20, 1856, American mechanical engineer Frederick Winslow Taylor was born. Taylor is known as the father of scientific management, who sought to improve industrial efficiency. He was one of the first management consultants. Taylor summed up his efficiency techniques in his 1911 book The Principles of Scientific Management. His pioneering work in applying engineering principles to the work done on the factory floor was instrumental in the creation and development…
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Henry Ford and the Ford Motor Company

Henry Ford and the Ford Motor Company

On June 16, 1903, American entrepreneur Henry Ford founded the Ford Motor Company with $28,000 capital. It was not Henry Ford’s first attempt to build up a car company. In 1901 already he founded the Henri Ford Company, which became the Cadillac Motor Company on August 22, 1902, after Ford left with the rights to his name. Henry Ford was 39 years old when he founded the Ford Motor Company, which would go…
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Andrey Markov and the Markov Chains

Andrey Markov and the Markov Chains

On June 14, 1856, Russian mathematician Andrey (Andrei) Andreyevich Markov was born. He is best known for his work on stochastic processes. A primary subject of his research later became known as Markov chains and Markov processes, i.e. sequences of random variables in which the future variable is determined by the present variable but is independent of the way in which the present state arose from its predecessors. Markov Chains I guess, as…
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