Final answer:
Frederick W. Taylor is indeed the founder of scientific management, or Taylorism, and managed the Midvale Steel Company in Philadelphia. His contributions to industrial engineering and management revolutionized productivity and efficiency through time-motion studies and the standardization of work practices.
Step-by-step explanation:
The statement that Frederick W. Taylor, an American industrial engineer who managed the Midvale Steel Company in Philadelphia, founded scientific management, also known as Taylorism, is true. Taylorism, a management theory developed in the early 20th century, emphasized the analysis and organization of work flow to increase efficiency. Taylor proposed that by studying and breaking down work processes into simpler steps, and by employing time-motion studies, productivity could be enhanced, thereby benefiting both employers and employees. His influential work, 'The Principles of Scientific Management', published in 1911, became a seminal text in the management field, introducing his principles of labor efficiency and productivity enhancement strategies.In the context of the industrial revolution and the rise of large factories, business owners were consistently seeking methods to improve production efficiency. Taylor's approach advocated for the standardization of work practices and strategic management that could minimize wasted time and movements. This methodology had a profound impact on industrial operations and is a foundational concept in the field of business management.