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The five M's of management explained
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, an entrepreneur may establishes the organization as its owner , but it is management that make various resources productive.they simply require the catalyst of management to produce results because it is management that coordinates various factors of production.
therefore, management occupies a central place among all the factors of production.
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'.
The five M's of management are analyzed below:
1.Money: money is the most critical and allpurpose resource because it is used toacquire or hire other resources. In organization , money is employed togenerate more money in the form of profits or surplus. A business firm orenterprise requires money in the form of fixed capital and working capital.
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2.Manpower: manpower refers to the managerial and non-managerial personnel employed I anorganization.other resources cannot act by themselves and have to be utilised byhuman beings. Therefore ,human resources mobilize, allocate and utilize thephysical and financial resources of an organization.
3.Materials : materials represent the physical rawmaterials and intermediate products (semi-finished goods ) which are convertedand/or assembled into finished products with the help of certain processes andtechnology.
4.Machinery: machines are the equipment used toprocess the materials into finished or semi-finished products. Employment ofmodern machinery helps to reduce costs and to improve the quality ofoutput.technology has therefore become an important ingredient in the efficientmanagement of organizations.
5.Methods: methods refer to the normal andprescribed ways of doing things various operations are performed according tocertain systems and procedures. Use of right methods helps to increaseefficiency of operations and contributes to effective management.
every other factor which is a part of the five M's has it's own dynamics. it is the duty of management or managers to understand or analyze the basic nature and the functions of each M and the source of its availability. Managers must clearly know the purposes for which the other factors are employed and coordinate them in such a way as to optimize their combined productivity.
(Note: Management must establish input goals, process goals and output goals with regard to the deployment of all the five M's.)
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