ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money, materials, machinery, moments, methods, Manpower
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Land, Labor, Capital, Materials, Machine
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Business planning, Capital, Equipment, Materials
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None of the above
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Detailed explanation-1: -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’.
Detailed explanation-2: -Production management’s responsibilities are summarized by the “five M’s”: men, machines, methods, materials, and money.
Detailed explanation-3: -The four basic types of organizational resources are human, monetary, raw materials and Capital. Organizational resources are combined, used, and transformed into finished products during the production process.
Detailed explanation-4: -Since man became victorious in the industrial revolution, every business has been using these five M’s: man, materials, machines, minutes and money; to operate with, or without, success.
Detailed explanation-5: -Manpower. The heart of Kaizen is respect for people. Machines (Equipment, Technology) The need for managers to understand the operation of each piece of equipment and tool in a manufacturing plant is obvious, but technology plays an important role in other sectors as well. Materials. Methods. Measurements. 08-Sept-2022