Scientific management is a term that began to develop at the turn of the 19th and 20th centuries due to the Industrial Revolution and the advancement of the production technique it brings. New production techniques entail the need for a new management and organizational concept. American engineer Frederick Winslow Taylor responded to the problems of accelerated industrialization with the concept of scientific management. His guiding idea was to increase efficiency and work, whereby he separated the management activity as an independent activity different from the activity of performing tasks. The particular goal of scientific management is to increase profits through increasing production and reducing workers' efforts. The purpose of this paper is to describe the life of Frederick Winslow Taylor, to highlight the basic postulates of scientific management, to clarify the flaws in the industrial systems of the Taylor era and why science is the basis of doing business, to highlight the difference between scientific and ordinary management, to summarize the principles of scientific management, and to explain the application of these principles to the activities of the Taylor era. Further, list the steps for the development of a simple law and elements of the mechanism of scientific management, and, finally, apply the four principles on the example of modern activities.