Man. Sci Review

• Known as the father of Scientific Management, Frederick Winslow Taylor is known for his systematic development of management techniques which he started at the Midvale Steel Co.
• Management Science is an interdisciplinary branch of applied science including, mathematical model, engineering, and statistics.
• Management science makes good use of a simple principle, it looks at the problem from different angles and approaches.
• As the experience is gained, the performance of worker improves, time taken per unit improves and thus his productivity goes up.
• learning is the process by which an individual acquires skill, knowledge and ability.
• learning curve is a geometrical diagram, which reveals that there is steadily decrease cost for the accomplishment of a given repetitive operation, as the identical operation is increasingly repeated.
• the other names given to the learning curve are progress curve, experience curve, improvement curve.
• the slope of the decision curve is expressed as percentage
• evaluation of company and industry performance including costs and pricing is a strategic use of learning curve
• learning effect is the rate at which learning occurs is influenced by many factors including the relative unfamiliarity of workers with the task, the relative novelty and uniqueness of the job, the complexity of the process, the impact of incentive plans.
• the theory of learning curve was first introduce by theodore paul wright engaged in production of airframes
• experience curve is a concept that states that there is a consistent relationship between the cumulative production quantity of a company and the cost of production.
• as the production quantity of a given item doubled, the cost of that item decrease at a fixed rate.
• cost curve is a graph of the costs of production as a function of total quantity produced
• when employees specialize in a limited set of tasks, they gain more experience with these tasks and operate at a faster rate.