The tools, machinery, and buildings used to turn labor and land into products.
Before the Industrial Revolution, meant craftsmanship. A single shoemaker made an entire shoe. A blacksmith forged a single horseshoe at a time. Quality was high, but output was low and costs were exorbitant. The bottleneck was human skill and time. production
Modern management is often governed by competing philosophies. Understanding the difference between these can save millions of dollars annually. The tools, machinery, and buildings used to turn