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    The 5Ms of Management

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    hani52
    The document discusses the 5Ms of management: 1. Money - How financial resources are obtained, allocated, and used in a business. Managers oversee financial activities. 2. Manpower - Having the right people in the right jobs is important. Human resources issues like recruitment, training, compensation must be effectively managed. 3. Materials - Raw materials are essential and influence location decisions. Industries locate near material sources or customers. 4. Machines - Selecting the proper machines enhances efficiency and productivity. Factors like costs, maintenance, and technology are considered in equipment choices. 5. Minutes (or Time) - Proper management of time resources is also important for organizational effectiveness

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    The 5Ms of Management

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    hani52
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    The document discusses the 5Ms of management: 1. Money - How financial resources are obtained, allocated, and used in a business. Managers oversee financial activities. 2. Manpower - Having the right people in the right jobs is important. Human resources issues like recruitment, training, compensation must be effectively managed. 3. Materials - Raw materials are essential and influence location decisions. Industries locate near material sources or customers. 4. Machines - Selecting the proper machines enhances efficiency and productivity. Factors like costs, maintenance, and technology are considered in equipment choices. 5. Minutes (or Time) - Proper management of time resources is also important for organizational effectiveness

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    The document discusses the 5Ms of management: 1. Money - How financial resources are obtained, allocated, and used in a business. Managers oversee financial activities. 2. Manpower - Having the right people in the right jobs is important. Human resources issues like recruitment, training, compensation must be effectively managed. 3. Materials - Raw materials are essential and influence location decisions. Industries locate near material sources or customers. 4. Machines - Selecting the proper machines enhances efficiency and productivity. Factors like costs, maintenance, and technology are considered in equipment choices. 5. Minutes (or Time) - Proper management of time resources is also important for organizational effectiveness

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    5K views2 pages

    The 5Ms of Management

    Uploaded by

    hani52
    The document discusses the 5Ms of management: 1. Money - How financial resources are obtained, allocated, and used in a business. Managers oversee financial activities. 2. Manpower - Having the right people in the right jobs is important. Human resources issues like recruitment, training, compensation must be effectively managed. 3. Materials - Raw materials are essential and influence location decisions. Industries locate near material sources or customers. 4. Machines - Selecting the proper machines enhances efficiency and productivity. Factors like costs, maintenance, and technology are considered in equipment choices. 5. Minutes (or Time) - Proper management of time resources is also important for organizational effectiveness

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    Ummehani Mustafa Assignment 1 Sem III

    MGT 201 Principles of Media Management 09 Oct 2013

    The 5Ms of Management


    1. Money: Money issue in management involves right from where an enterprise is established and the owner brings money in the business. Various long term and short term sources of finances are determined. Loans and advances are taken management is done to meet day to day business requirements and the funds involved in meeting those requirements are known as working capital. Investments in assets patents are done and proposals are screened according to the payback period. In payback period only those investments are preferred which returns the invested money in less time span. Similarly there are other criteria of evaluating investments such is Internal Rate of Return where only those investments are selected which has higher returns. To ensure that the financial resources are being appropriately used and allocated in a business/organization, the company has managers / financial advisors to oversee this particular area of resource. 2. Minutes:

    3. Manpower: 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. For instance a aviation Industry may have automated aircraft still it needs flight crew to cater & assist the needs of their boarded air travelers. In terms of management recruitment, selection, training promotion, grievances handling, payment of compensation gratuity, and termination of services are the few issues that have to be dealt effectively to retain the talent within an organization. Human resources determine the workings of the other four basic business resources. People make sure materials, machine, money and minutes (time).

    Ummehani Mustafa Assignment 1 Sem III

    MGT 201 Principles of Media Management 09 Oct 2013

    4. Materials: Material is a basic ingredient in management be it a service industry or a product industry. Most of the industries locate themselves nearby to the availability of material. For instance a mineral water factories In India are mostly located in the Himalaya where a fresh source of water, which is also a raw material to these companies are available. Similarly services industries such as banking Insurance Hair Dressing Saloons etc. are located near its existing and prospective clients. Perishable products such as dairy products locate themselves where well connected transportation and distribution facilities are available. Without raw material present, the company cant start its production, or any sort of sales. 5. Machines: Machine is 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, tailoring the requirement of the organization. Selections of a right technical machine and equipment availability of spare parts, evaluation of after sales services, substitutes and technology and the organization budget are the crucial criteria while purchasing a machine. Maintenance and overhauling issues along with its life span also cannot be overlooked. In the service sector, incorporating the right kind of technology matters a in todays time.

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