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How Have Formal Organizations Changed Over the Course of the Twentieth

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Essay

How have formal organizations changed over the course of the twentieth century? Describe the ideal formal organization in the eyes of scientific management analyst Frederick Taylor, who wrote his business principles a century ago. How and why do today's more flexible organizations strive to be different from those described by Taylor?


Definitions:

Higher Risk

A condition or scenario involving a greater probability of loss or less certainty of returns, typically demanding a higher risk premium.

Interest Earned

The income received from investment assets before taxes and expenses have been deducted.

Investment

The allocation of money into financial assets, property, or other ventures in the expectation of obtaining an income or profit.

Interest Rate

The percentage of a sum of money charged for its use, often expressed as an annual percentage.

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