With respect to resources; I’ve come across two models being the 9 M’s Model (Man-power, known as a method.
a method. The visible methods of a company include: Plans, Policies, Procedures,
money, machinery, materials, markets, management, management information, methods,
make up) and the 7 M’s Model (money, man-power, management,
manufacturing/machinery, markets, marketing, material). Could you kindly tell me which one
is correct please?
The 7 M's of basic business resources are: money, materials, machines, methods, manpower,
management, moment
7 M's of Management
Jo Balucanag – Bitonio Published on Oct 22, 2011
https://www.slideshare.net/jobitonio/7-ms-of-management
2. <ul><li>Practice of modern management owes its origin to the 16th century enquiry into
low-efficiency and failures of certain enterprises, conducted by the English statesman Sir
Thomas More (1478-1535). </li></ul><ul><ul><li>Management is often included as a factor
of production along with machines, materials, and money. According to he management
guru Peter Drucker (1909-2005. </li></ul></ul><ul><li>As a discipline, management consists
of the interlocking functions of formulating corporate policy and organizing, planning,
controlling, and directing an organization's resources to achieve the policy's objectives.
</li></ul>
3. The functions of management involves planning, controlling, leading, organising decision
making of business areas in Marketing, Production, Sales, Research & Development, Human
Resource, Finance, Operations 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.
4. 1. M A N Man in management is referred to as a human resource. It is the recruitment,
selection, training, promotion and grievances handling of personnel. Payment of
compensation gratuity, termination of services are the few issues that have to be dealt
effectively to retain the talent within an organization.
5. 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
6. 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
7. 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.
8. 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
10. Money M anagement is done to meet day to day business requirements and the funds
involved in meeting those requirements are known as working capital.
11. 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
and Data.
12. . The less visible ones include a company's norms and its culture, and the norms and
culture of the society around it and the methods of its customers, suppliers, associates, and
competitors.
13. Methods determine how people work and their work priorities. Methods link people to
each other and link people to materials. The Scientific Method is a method for solving
complex problems . GAAP is a method for evaluating financial performance. ISO 9000 is a
method for evaluating Quality performance. ISO 9000 Quality assurance standards have as
much to do with improving quality as GAAP has to do with improving profits ...
14. A popular method of management is what is referred to as 'management by objectives '.
This involves setting objectives and targets for different aspects of the organisation. The
managers job is then to make sure that these objectives are achieved given an allocated
amount of resources. The objectives will either be achieved, exceeded, or fallen short of
requiring remedial action where appropriate.
15. Another form of management is an autocratic approach where managers set targets and
objectives for others and supervise the performance of their work. The problem with
autocratic managers is that they can be intimidating and often fail to encourage employees
so that they do not use the human resource as well as possible. Consultative managers
consult with others to find out their views and ideas before making decisions.
16. Democratic managers encourage others to make decisions for themselves. Self managing
teams are ones where management is devolved to members of a team, which does not have
to wait for instructions from above. The style of management that is most appropriate is
often dependent on the situation e.g. the nature of the industry, the speed with which
decisions need to be made, the familiarity of managers and others with the management
style etc.
17. Measurements are quantified observations of some aspect or attribute of a process,
product or project. Measurements enhance our ability to understand things not accessible to
our native abilities and intelligence.
18. Measurements are quantified observations of some aspect or attribute of a process,
product or project. Measurements enhance our ability to understand things not accessible to
our native abilities and intelligence.
19. <ul><li>Ten Precepts of Measurement </li></ul><ul><li>Measure what the customer
cares about. Measurements should have focus, based on goals and models. However, in
most organizations there is little agreement or knowledge of what goals should be. Goals
must relate to customer satisfaction. Ultimately, the customer is the only arbiter of success.
</li></ul>
20. 2. Measure the process, not the person. The goal of a measurement program must be
improvement, never evaluation. Measurement must support continuous process
improvement. Over eighty per cent of quality problems can be corrected by concentrating on
the process.
21. 3. Set goals. Know what the results of measures should be, before you measure. Know
what you desire. Benchmark against your competitors and against “world class”
organizations. Setting goals for quality measures ensures that the organization remains
focused on the key items important from the customer’s point of view. Goals must be
ambitious. Goals should always be quantified and expressed in actual numbers, not
percentages.
22. 4. Know what to do about the results you get. Use measures to manage effort more
successfully. Measures must be a basis for judgment or action. When measures are not
achieving goals or are not moving in the right direction, know what intervention to take. You
must also know how your intervention will affect measures, both short term and long term.
23. 5. Anticipate the results of your intervention. Get feedback, from all participants.
Establish the effectiveness of your measurement program by measuring how measures are
actually used. Are you getting the results you want? It is more important to know this if you
are achieving positive results than if you are getting negative ones. How will you sustain
progress if you don’t know for certain what is causing it?
24. 6. The process itself should yield measures. Don’t create a separate system to gather
measures, they should be a natural byproduct of performing the process. Measurement
should not be additional overhead or burden upon the people collecting the measures.
Automate the collection of measures where possible. This will become easier as the
organization becomes more sophisticated in stabilizing and automating its processes. An
automated measure is better than a manual one, but a manual measure is better than none.
As an example, an automated project control system can be used to measure the number of
tasks completed on schedule.
25. 7. Measures should be numerical and objective. Measurement is not done well
subjectively. As stated earlier, measurements enhance our ability to sense things not
accessible to our native abilities and intelligence. Subjectivity contradicts this. It also makes
measures open to interpretation, and no two persons will interpret them in the same way.
26. 8. Publish and publicize measurement results. Provide feedback to the source, both of
measures to be taken and the results of those measurements. Make sure everyone involved
understands the purpose of the measurement program. Measures must be beneficial to the
persons collecting the data and performing the process measured.
27. 9. Ensure comparability of measures. Without stable processes and standards, measures
are meaningless. In systems development work, individual performance has always been the
largest variable. This work must be converted from an individual art form to a repeatable
process before it can be effectively measured and controlled. Encourage the use of the best
practices by all your staff, bring everyone up to the level or your best people.
28. 10. What you measure is what you get! Finally, this is the most important measurement
precept, even more so than relating measures to customers. If you measure Lines of Code,
you will get Lines of Code. People respond to whatever they are asked to do. If you measure
how many projects are completed on schedule, you are likely to alter estimating and
reporting practices more than you are to improve performance.
29. “ Marketing Management is the process allocating the resources of the organization
toward marketing activities.” Thus, a marketing manager is someone who is responsible for
directing expenditures of marketing funds. Related to the term ‘management’ is the term
‘strategy.’
30. The Marketing Management Cycle The planning cycle is composed of four basic steps.
First, Planning is the process of examining and understanding the surroundings within which
the organization functions starting with environmental scanning” as the process of studying
and making sense of all the things that might impact the firm’s operation that are external to
the firm. This would include studying and gaining an understanding of such things as:
competition, legislation and regulation, social and cultural trends, and technology. Both
present and developing trends in each of these areas must be identified and monitored. The
planning stage also includes creating documents that outline the organization’s intended
response to these environmental (external) variables.
31. Second, Implementation is the process of putting plans that have been made into action.
It is the transition from expected reality to existing reality. Third, Monitoring is the process of
tracking plans and identifying how plans related to changes that take place during program
operation when more information is acquired. Correction is the stage in which we take action
to return our plan to the desired state based on feedback obtained in the monitoring stage. If
we find that return to the planned state is not practicable, we may adjust our planning
outcomes.
32. Thus, Monitoring and Correction may be considered two stages because after plans are
put into action, one must continually monitor performance and make adjustments to the
plan based on the feedback gathered through these monitoring activities. In summary, the
marketing management cycle is composed of planning, implementing, monitoring, and
correcting.
Project Resources BY Dr. Adekunle Qudus Adeleke
Management is often used as a factor of production along with machines, materials, and
money (the management guru Peter Drucker, 1909-2005). As a discipline, project
management consists of the interlocking functions of formulating corporate policy and
organizing, planning, controlling, and directing an organization's resources to achieve the
project objectives.
MANPOWER
Man is referred to as a human resource. It is the recruitment, selection, training, promotion
and handling of personnel. Payment of compensation, gratuity, termination of services are
the few issues that needed to be addressed effectively in order to retain the talent and skill
within an organization.
 To avoid the idling time of gangs at site.
 To be managed systematically before the project starts, and to level the gangs
during crashing of activities to avoid delay.
MACHINERIES
Machineries are the basic tools to produce goods or to generate services. Selection of an
appropriate machine not only enhances efficiency but also saves time 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 service, substitutes and
technology and the organization budget are the crucial criteria while purchasing a machine.
 To be ordered in time and to be maintained and used optimally to avoid the
unnecessary cost.
 To avoid the idling time of machines at site.
Money
Funds involved in meeting day to day project requirements are known as working capital.
Money acts as a medium that can be exchanged for goods and services and is used as a
measure of their values on the market.
•To ensure the activities run smoothly.
•To ensure the workers and suppliers are being paid on time.
 In conclusion, all the 4Ms are equally important.
 But without M4, no venture or enterprise can motivate M1, get quality and sufficient M2,
get the right M3 and maintain them or even ensure that time is properly managed.
 Where there is not enough M4, no good M1, M2, or M3 can be employed or purchased for
a project.
A resource market is a market where a business can go and purchase resources to produce
goods and services. Resource markets can be distinguished from product markets, where
finished goods and services are sold to consumers, and financial markets, where financial management gives direction to lower level management of how to implement those business
assets are traded. objectives. Policies are framed and work method are determined to get set and Go.
https://study.com/academy/lesson/resource-market-definition-lesson-quiz.html 7. Moral Values -Every enterprise exist in a society and must conduct businesss by fair means
.It must include the welfare of its stakeholders (also known as Corporate Governance ) like
1. Man - Man in management is referred as a human resource.Even in the automated world shareholders, buyers suppliers,employees.The paramount consideration of welfare must not
no organization can flourish without human resource.For instance a aviation Industry may be overlooked in the blind race of profit making. Government policies rules and regulations
have automated aircraft still it needs flight crew to cater & assist the needs of their boarded also governs this aspect of management .Consumer Courts are opened. Legal penelities
air travelers.In terms of management recruitment ,selection ,training promotion ,grievances againt violation of corporate law are framed and it is anobligatory requirement to abide by
handling.payment of compensation gratuity ,termination of services are the few issues that these laws and regulations if an organization wants to exist in an society.
have to be dealt effectively to retain the talent within an organization. http://www.answers.com/Q/Describe_each_7_m's_management
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 prospetive 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.Talioring the requirement of the organization,Selections of a right technical machine
and equipment,availability of spare parts, evaluation of after sales servies,subsitutes and
techonology and the organization budget are the crucial criteria while purchasing a
machine.Maintenence and overhauling issues along with its life span also cannot be
overlooked.In service Industry Techonology matters a lot these days we are having
Computers & periphepals as a major machine to serve the service clients.
4. Money- Money issue in management involes 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 ruppee 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 instnce to obtain a credit card a cutomer follows a following series of steps
filling a credit card application ,attaching required documents and submitting to a bank
reprensative.while processing the credit card application The form filled by the cutomed is
checked.Documents are verified and customer verification is done . credit card is dispatced
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
organising decisin making of business areas in Marketing,Production,Sales,Research &
Developement,Human Resource,Finance, Operations Etc. .It includes Business tatics and
stratergy application. Few tradational 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