The text that follows is owned by the site above referred.
Here is only a small part of the article, for more please follow the link
What is Industrial Management?
Industrial management is an academic field that brings together the knowledge of the interactions between business/management and technology/engineering. The word management refers to handling organizations, while industrial refers to the developments of the industrial revolution in the 19th century and the, still current, mass production system. When we speak about “industrialized” companies, they usually are somewhat large-scale, systematically managed, i.e. there’s a high degree of specialization and standardization. One good example is H&M. H&M sells lots of clothes (high volume) to a low price. That’s only possible because they are producing in masses.
These two terms are closely related since industrial management gives engineers the skills to understand the technical implications of management decisions, as well as the business implications of technical decisions. In order to be successful it is important that they understand both fields, and how they relate to each other. The point of departure is mostly the operations of industrial firms and the value-creating processes for these operations. From there, the development, improvement and control of the value-creating processes are the key issues of the field.
How do we understand that?
First of all, it’s important to create value for a customer. But that isn’t always so easy. You can’t get any value, without investing something first. So it’s important to check what resources you have used up in order to gain value, and how they relate to each other.