5 M's
Business Operations
Activities involved in the day to day functions of the business conducted for the purpose of generating profits.
Money
Financial resource; Without it, no venture or enterprise can motivate workers, get quality and sufficient materials, get the right machines and maintain them or even ensure that time is properly managed.
Man
Human resource; People make sure materials, machines, money and methods are utilized in a productive manner to achieve goals or aims and objectives of organizations and enterprises.
Methods
It is a set of procedures and instructions to achieve efficiency in operation.
Operations Management
It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
Materials
It is the basic ingredient in management/operation.
Machines
It is the basic tools to produce goods or generate services.
Operations Management
It refers to the administration of business practices to create the highest level of efficiency possible within an organization.
Business Operations
Ongoing recurring activities involved in the running of a business for the purpose of producing value for stakeholders.
