The term industrial company is generally applied to a manufacturing firm that – contrary to a crafts business – produces consumer durables in factories from raw materials in mass and serial production (division of labour) using modern manufacturing machines.The precursor of the study field industrial management was factory management. It had a strong similarity with technical management and was geared towards the engineering fields. Parallel to this, there was also a factory management that was more in the area of business economics. This dealt with the organizational questions of factory and office administration as well as financial accounting, e.g. the factory bookkeeping and late also management accounting.The term and the contents of present-day industrial management were strongly influenced by the establishment of MIT School of Industrial Management in 1952 (renamed the Sloan School of Management in 1964 after its benefactor, Alfred P. Sloan, Jr., MIT graduate and then-chairman of General Motors). MIT School of Industrial Management set itself the goal of educating the "ideal manager" through this (post)graduate management program