entrepreneurship

Entrepreneurship

The most critical factor in whole production system are the inputs and the transformation process.

Their quality determines the quality of the output. It is also as "GARBAGE IN, GARBAGE OUT" or GIGO in the parlance of technology.

4Ms of Production

4 Ms of Production

• Manpower

• Method

• Machine

• Material

MANPOWER

-refers to the human workforce involved in the manufacture of products.

-Labor is needed to assemble a product or deliver service especially during the startup stage of a business enterprise.

MANPOWER (criteria)

• Educational qualifications and experience required for the job

• Status of employment, whether permanent or temporary

• Number of workers required for the job

• Skills and expertise required for the job

MANPOWER (criteria)

• Appropriate time of worker is needed

• Conduct of background checking and issuance of requirements

• Amount of salary of wages and other mandatory benefits

• Availability of potential workers in the community

METHOD

refers to the process or technique of converting raw materials to finished products.

METHOD

• Product to produce

• Mode of production

• Manufacturing equipment to use

• Required skills to do the work.

MACHINE

refers to the manufacturing equipment used in the production of goods

MACHINE

• Types of products to be produced

• Production system to be adopted

• Cost of the equipment

• Capacity of the equipment

• Availability of spare parts in the local market

• Efficiency of the equipment

• The skills required in running the equipment

MATERIALS

simply refers to the raw materials needed in the production of a product

MATERIALS (factors)

• Cost

• Quality

• Availability

• Credibility of suppliers

• Waste that the raw material may produce

Multiple Choice

Refers to the manufacturing equipment used in the production of goods or delivery of services.

• MANPOWER

• METHOD

• MACHINE

• MATERIALS

Multiple Choice

Refers to the process or technique of converting raw materials to finished products.

• MANPOWER

• METHOD

• MACHINE

• MATERIALS

Multiple Choice

Refers to the raw resources needed in the production of a product.

• MANPOWER

• METHOD

• MACHINE

• MATERIALS

Multiple Choice

Refers to the human workforce involved in the manufacture of products.

• MANPOWER

• METHOD

• MACHINE

• MATERIALS

Fill in the Blanks

What does "GIGO" means?

(answer in ALL CAPS)