4Ms

• Operations Management


  It is about delivering products and services to customers to meet or surpass their expectations. It is designing, developing, and executing the Enterprise Delivery System (EDS), from sourcing of the necessary input to the transformation of this input into the final output which, in turn, assures the intended outcome of delighting the customers.
• 4Ms of Operations


  • Manpower, Method, Machines and Materials
• Manpower


  The workforce that will help a business to produce more products
• Things to consider while hiring manpower

  • Education and qualification
  • Experience matters
  • Look for professionals
  • Define the job role and responsibilities clearly
  • Set weekly goals
  • Background check and verification
  • References matter
  • Neat and presentable employees
  • Communication skills
  • Technologically sound
  • Enthusiastic and positive attitude
  • Motivation and more motivation
• Method


  The process to be followed in effectively manufacturing or delivering a product or service
• Manufacturing of Goods

  1. Inputs - the materials or ingredients to be used

  2. Process - the transformation phase where inputs are processed by manpower and machines

  3. Output - the final product
• Service Delivery Process


  1. Prepare a detailed flowchart of the service business

  2. Every process must be relevant to minimise wastage

  3. Address service bottlenecks immediately to avoid customer complaints
• Distribution Method


  The process of bringing the products to customers through a supply chain or distribution channel
• Payment Process


  Establish a seamless payment process including options like credit cards and installment plans
• Machines

  The "best friend" of manpower in producing goods and offering services
• Equipment and other Facilities


  • Must be strategically placed in the manufacturing site or service delivery area
• Telecommunication and Information Technology


  • Landline phones, mobile phones, computers, POS machines, accounting and inventory software, website
• Materials


  Raw materials and supplies that the entrepreneur needs to produce products or offer services
• Options for materials requisitioning


  • Manufacturing own products or offering services
  • Outsourcing of manufacturing or service activities to a third party
  • Purchasing own products or services from present suppliers
• Advantages of having multiple outsource parties


  • Helps continue operation even if one party stops
  • Greater bargaining power on price and scope
  • Choice to switch to other parties if one underperforms
• A strong operational plan or management should have the four operational aspects
• A strong operational plan or management should have the four operational aspects called the 4Ms of Operations
• Manpower refers to the workforce, that will help a business to produce more products.
• An entrepreneur needs to hire good and competent people to produce quality products.
• Manpower is another term for human resources
• Manpower is the lifeline of any organization
• Manpower is the most crucial resource for any organization to function properly and achieve high productivity
• These aspects (method) represent the day-to-day operation of the business.
• Method


  It describes how an entrepreneur will run the business from all facets of business such as manufacturing goods, service of the delivery process, distribution of goods and services, logistics for delivery of goods, and inventory management.
• Manufacturing of Good


  The process of translating the raw materials into finished products that is acceptable to the customer’s standards.
• Inputs


  These are the materials or ingredients to be used in creating the products.
• Process


  It is the transformation phase where inputs are processed by manpower and machines to come up with the final product
• Output


  It is the final product of the process stage, which is intended to be sold to target market customers.
• Service entrepreneurs


  They must prepare a detailed flowchart of the service business
• Service Blueprint


  Service entrepreneurs must prepare a detailed flowchart of the service business, which is also called a...
• Service Delivery Process


  Every process in the blueprint must be relevant to the service business to minimize wastage
• The service bottlenecks must be addressed immediately to avoid customer complaints
• The service bottleneck is a part of the process where there is apparent inefficiency and where the customer waits longer.
• Distribution Method


  The process of bringing the products to customer
• Distribution Method


  This is not a straightforward process from entrepreneur to customers; thus, the term supply chain or distribution channel was coined
• The manufacturer will deliver the products to the distributors, to the wholesalers, to the retailers, and then finally the customer.
• Payment Process


  The entrepreneur must also establish a seamless payment process
• Machine


  It became part of 4Ms because they are very important aspect of goods and service production, and they changed the way entrepreneurs conduct business.
• Equipment and other Facilities


  The facilities must be strategically placed in the manufacturing site or in the service delivery area.
• The entrepreneur must prepare a facility plan that details the most economical way to manufacture the product or offer the service by placing the facilities where they can be efficiently used.