The rule for the industrialist which is " Make the best quality of goods possible at the lowest cost possible '' was been utilized by Ford , Rockefeller and others by ford is the installation of the mass production of an entire automobile in 1913 to cut cost.
<h3>How did Ford help in improving productivity and reducing costs?</h3>
Ford help in improving productivity and reducing costs as an industrialist by installation of the mass production of an entire automobile in their assembly line .
With this innovation their was a reduction of the time it took to build a car in December 1, 1913 and this really helped ford to cut cost.
It should be noted that the rule for the industrialist about making the best quality with low cost is a way for the company to be able to maximize their profit which is one of the main goal of every business.
However this is usually done using different technology and this will reduce the number of man power needed for operations and can bring about increasing the rate of unemployment in the country but in favor of the company because they will be able to cut their cost of operation.
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