The 4M's of Production Flashcards
What are the 4M’s of Production?
Manpower, Method, Machine, Materials
The 5th M, often included, is Money.
What does ‘Manpower’ refer to in the context of production?
Human labor force involved in manufacturing products.
What factors should an entrepreneur consider for ‘Manpower’?
- Educational qualifications
- Experience
- Employment status
- Numbers of workers required
- Skills and expertise
What does ‘Materials’ refer to in production?
Raw materials necessary for producing a product.
What criteria should be considered for selecting ‘Materials’?
- Cost
- Quality
- Availability
- Credibility of suppliers
- Waste produced
What is ‘Machine’ in the production context?
Manufacturing equipment used in production or service delivery.
What factors should be considered when selecting a ‘Machine’?
- Types of products
- Production system
- Cost
- Equipment capacity
- Availability of spare parts
What does ‘Method’ refer to in production?
The process of transforming raw materials into finished products.
What factors influence the selection of a ‘Method’ in production?
- Product to produce
- Mode of production
- Manufacturing equipment
- Required skills
What is a production plan?
A written document showing the conversion process from input to output.
What is an operation plan?
A plan used by servicing businesses.
What is the difference between inputs and resources in a business?
Inputs refer to the resources used in the conversion process.
What is the significance of the quality of inputs in the production process?
It determines the quality of the output.
Fill in the blank: The most serious issues in the production system are the inputs and the ________ process.
transformation
What is the purpose of a product description?
To provide customers with details about product features and benefits.
What guidelines should be followed for writing a good product description?
- Know your target market
- Focus on product benefits
- Tell the full story
- Use natural language
- Use power words
- Use good images
What is the role of ‘Money’ in production?
Capital investment used for purchasing materials, machinery, and paying salaries.
True or False: The entrepreneur can ignore the quality of materials as long as they are available.
False
What is working capital?
Funds needed to make the business operational and productive.
Who would be your manpower for making an egg sandwich?
Your mother
What would be your materials for making an egg sandwich?
Eggs, bread, mayonnaise, etc.
What machines or tools would you use to make an egg sandwich?
Pan, stove, spatula
Enumerate the methods needed to produce an egg sandwich.
- Boil eggs
- Toast bread
- Mix ingredients
- Assemble sandwich
