What are the 6 M's in management?

Answer 1

Answer 1. Man - 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 ,termination of services are the few issues that have to be dealt effectively to retain the talent within an organization.

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.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.

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.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 service Industry Technology matters a lot these days we are having Computers & peripherals as a major machine to serve the service clients.

4. 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 pay back 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. Similarly proposals are also screened on the basis of Net present Value which asserts that a value of a rupee will worth a penny tomorrow.

5. Method-Every thing has a right way to do and this right way is known as a Method in management .In short it means an art of doing.A set of procedures and instructions is known as a method.For instance to obtain a credit card a customer follows a following series of steps filling a credit card application ,attaching required documents and submitting to a bank representative.while processing the credit card application The form filled by the a customer is checked.Documents are verified and customer verification is done . credit card is dispatched by generating pin to a courier company for the final delivery to the customer and records are maintained.All these standard procedures are known as method in management.

6. Management- The functions of management involves planning controlling leading organizing decision making of business areas in Marketing,Production,Sales,Research & Development,Human Resource,Finance, Operations Etc. .It includes Business tatics and strategy application. Few traditional management most heard are Strike when then iron is hot , No free lunch, etc.There are various levels of management Top level takes all major and crucial decisions and frames organization mission ,vision and objectives .Middle level management gives direction to lower level management of how to implement those business objectives. Policies are framed and work method are determined to get set and Go.

7. Moral Values -Every enterprise exist in a society and must conduct business by fair means .It must include the welfare of its stakeholders (also known as Corporate Governance ) like shareholders, buyers suppliers,employees.The paramount consideration of welfare must not be overlooked in the blind race of profit making. Government policies rules and regulations also governs this aspect of management .Consumer Courts are opened. Legal penalties against violation of corporate law are framed and it is an obligatory requirement to abide by these laws and regulations if an organization wants to exist in an society.