Activity: A. Enumerate and define the 4Ms of production + 1 in your own words. 1.________________________________________________________________ __________________________________________________________________ 2.________________________________________________________________ __________________________________________________________________ 3.________________________________________________________________ __________________________________________________________________ 4.________________________________________________________________ __________________________________________________________________ 5.________________________________________________________________ __________________________________________________________________
Answers 1
Answer:
4M's of production
1. Methods
2. Manpower
3. Machine
4. Materials
Explanation:
1. Methods suggest the process of combining raw materials and how these are going to be transformed using the other factor inputs of production. This resource input is also called technology or techniques of production since it prescribes the intensity in the use of factor inputs.
2. Manpower the right human resources who will handle certain business operations. It is one of the highest cost of operating the business, but also the most instrumental to its success.
3. Machine technology used in efficiently operating the business. It was also described as the “best friend” of manpower in producing goods and offering services. Machines are not limited only to physical equipment but can also pertain to new technologies. It also represents all man- made physical capital used in the production process. Aside from machines the tools, durable equipment, and the physical plant are also part of it. Without machines, business operations will be too unmanageable, costly and with low quality.
4. Materials to be used in creating a product or performing a service, which includes supply chain management.
5. Money, material, machine and manpower are the Four Ms, the traditional framework for viewing the resources available to a business, which can be useful when designing a business plan. Identifying the resource needs is generally considered in business, a task for those in management.
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Author:
jason778
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