How Henry Ford Perfected Cost Minimization Essay

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How Henry Ford Perfected Cost Minimization and use in Today’s Production
For decades Henry Ford has been known as an innovator and father of the assembly line. Not only did he introduce the assembly line to the industrial world, but he also perfected many aspects of cost minimization in order to build an affordable car for everyone. From the ability to use unskilled labour more efficiently than most companies utilise skilled workers, to ensuring that those workers are working to the peak of their ability, Henry Ford perfected many parts of cost minimization. Many of his advances in the field continue to be used today in the automotive industries as well as other manufacturing companies across the world. This paper will touch on just a few of the many advancement made by Henry Ford in his endeavor for a cheap automobile for all. To fully appreciate Henry Ford’s work within the automotive industry, it is crucial to understand the importance of cost minimization in the world of manufacturing. By reducing the cost of production, companies are able to create higher quality products for the same price as they would cheaper ones. This creates a higher quality of living for consumers who purchase their goods. Not only does it create better living, but it also creates competition between companies to produce bigger and better products for cheap. This competition between companies has driven innovation for decades and has been the motivation behind countless technological innovations…

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