Explain Time Studies

question 107

Essay

Explain time studies.Taylor is most famous for time studies,in which he used a stopwatch to time how long it took a worker to perform a task,such as shoveling coal.Then he experimented with different ways to do the tasks to save time.Sometimes the improvement came from better tools.Medium;Knowledge

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Definitions:

Mixed Strategy

In game theory, a strategy where a player can choose between multiple options with certain probabilities.

Sequential

Pertaining to or following a logical order or sequence, where actions take place one after another.

Maximin Strategy

A strategy in decision-making used under uncertainty, aiming to maximize the minimum gain that can be achieved.

Stackelberg

An economic model of market structure in which one firm sets its output decision first, and other firms follow, establishing a leader-follower dynamic.