5 M's Of Management

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Explain the 5 M’s of management. The 5 M’s of management are: 1.) Man 2.) Material 3.) Machine 4.) Money 5.) Methods 1. Man - Man, the first of the five 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 fulfill almost effortlessly various dreams of creating things that make a 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.

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