MANAGE THE FOUR Ms OF PRODUCTION

In every production process in business there are four main Ms that every producer most give attention to when producing. The extent at which producer manage and maximized them will determine the extent to which producer will maximize is profit. Producer in this context can be referred to all entrepreneurs who bring products or service to market.

The four Ms are as follows

  1. Man
  2. Material
  3. Machine
  4. Money and Methods (This is also a factor we also need to consider)
  1. MAN – Man, the first of the four M’s is the most important. The right personnel for the right position is a sure bet for organizational effectiveness and efficiency. Man in management is referred as a human resource. Even in the automated world no organization can flourish without human resource. Human resources determine the workings of the other four basic business resources. People make sure materials, machines, money and methods are utilized in a productive manner to achieve goals or aims and objectives of organizations and enterprises. With the right man in the right job, a large portion of effective business management will have been achieved.
  2. MATERIAL – Material is a basic ingredient in management be it a service industry or a product industry. Most of the industries locate them self-nearby to the availability of material. Without materials, human resource is made redundant.   A group of cement factory workers waiting for supply of limestone may have nothing much to do for as long as the supply does not arrive. Even if it arrives, but in poor quality, the production is certainly doomed for a loss. Quality compromised is business pauperized. Poor quality of materials potentially ruins entrepreneurship.
  3. MACHINE – Machine are the basic tools to produce goods or to generate services. Selection of an appropriate machine not only enhances efficiency but also saves times and increases revenue. Machines have made man fulfil almost effortlessly various dreams of creating things that make an existence more worthwhile.
  4. MONEY – Without money, no venture or enterprise can motivate workers, get quality and sufficient materials, get the right machines and maintain them or even ensure that time is properly managed.   Where there is not enough money, no good workers, materials, or machines can be employed or purchased.

Contact Royal Empire

E-mail:inforoyalempire@yahoo.com,

Tel: +2347032661679, +2347032661679

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Prepared by:

PRINCE ADEKUNLE OLOYEDE

CEO Royal Empire Consult,

Motivational Speaker,

Life Coach,

Business Developer

Tel: 23470326616779

E-mail: ceoroyalempire@gmail.com

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