The 5 M’s of Management.pptx

Five Ms of Management

1. The 5 M’s of Management Abid Hussain Research Scholar [email protected]

2. What is Management and 5M’s According to Oxford Language Dictionary a management is “the process of dealing with or controlling things or people. The factors of production consists of many factors such as land, labour, capital, entrepreneurship and management in which management is a vital factor of production. what is 5 M’s of management : There are other factors of production too,which are money, manpower, materials, machinery and methods known as the five m's of management. these are known as the five m's of management because of there initials which is 'M'.

3. Analysis of five M's in managment (1) Money : money is the most critical and all purpose resource because it is used to acquire or hire other resources. In organization , money is employed to generate more money in the form of profits or surplus. A business firm or enterprise requires money in the form of fixed capital and working capital. (2) Manpower : manpower refers to the managerial and non-managerial personnel employed in an organization.Other resources cannot act by themselves and have to be utilised by human beings. Therefore ,human resources mobilize, allocate and utilize the physical and financial resources of an organization.

4. Analysis of five M's in managment (3) Materials : materials represent the physical raw materials and intermediate products (semi-finished goods ) which are converted and/or assembled into finished products with the help of certain processes and technology. (4) Machinery : machines are the equipment used to process the materials into finished or semi-finished products. Employment of modern machinery helps to reduce costs and to improve the quality of output.technology has therefore become an important ingredient in the efficient management of organizations.

5. Analysis of five M's in managment (5) Methods : methods refer to the normal and prescribed ways of doing things various operations are performed according to certain systems and procedures. Use of right methods helps to increase efficiency of operations and contributes to effective management. In nutshell, Management must establish input goals, process goals and output goals with regard to the deployment of all the five M's.)