WEEK 1

• 4Ms


  • The factors involved in the output and production process
  • Manpower, method, machine, and materials
• Methods


  - The processes to be followed in effectively manufacturing and delivering a product or service

  - the represent the day to day business operations of a business.

  - it describes how an entrepreneur will run the business from all of its facets
• Manpower


  - The right human resources who will handle certain business operations

  - the worker

  - when setting up a business, finding honest and capable people is always a challenge
• Machines


  - The technology used in efficiently operating the business

  - the best friend of manpower in producing goods and offering services. They go hand in hand
• Materials


  There to be used in creating a product or performing a service which includes supply chain management
• Job description


  It enumerates the duties and responsibilities of the potential employee, including the scope, limitations, and terms and conditions of employment
• Raw materials


  Substance or material used in the manufacturing or primary production of goods. They are usually natural resources like oil, wood, and iron
• Materials requestioning

  • Manufacturing own products or services: a huge chunk of capital must be prepared because all expenses in manpower, machines, and materials will be borne by the entrepreneur
  • Outsourcing: the process of appointing a third party manufacturer to do the manufacturing operations of the business
• Logistics


  The overall process of managing how resources are acquired, stored, and transported to their final destination
• Examples of logistics management

  1. Warehousing - storing the finish goods manufactured in a facility until they are distributed
  2. Transportation - process of efficiently transferring the products to retailers or consumers
  3. Inventory - a term for the goods available for sale and raw materials used to produce goods available for sale