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Journal of Innovations in Economics & Management

Volume 5, 2024 - Issue 3

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The analysis of " Man, Machine, Material, Method and Environment"(4M1E) on the cost of manufacturing products

by Xuelian Li 1 ,  Xiucheng Chen 2,*  and  Ming Ma 3
1
Jiangmen Jiangyuan Accounting Firm limited
2
Universiti Kebangsaan Malaysia
3
Hubei Provincial Public Security Department Police Security Department
*
Author to whom correspondence should be addressed.
JIEM  2024 5(3):87; https://doi.org/10.69610/j.jiem.202408312
Received: / Accepted: / Published Online: 31 August 2024
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Abstract

This paper analyzes the impact of "Man, Machine, Material, Method and Environment" (4M1E) on the cost of manufacturing products. The research team aims to achieve cost reduction and competitive advantage by eliminating or optimizing non-value-added operations. The paper provides an introduction to the background and motivation of the study, research problem and objectives, and research framework. The objectives of the study include studying the proportion of "method and environment" in product cost and deducing the actual cost of the product, analyzing the cost impact index of 4M1E in product production, and promoting enterprise models for production management optimization, marketing strategy optimization, and environmental optimization to enhance enterprise competitiveness.

Keywords: 4M1E; cost analysis; Product cost optimization; Non-value-added operations;
Copyright: © 2024 by Li, Chen and Ma. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
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ACS Style
Li, X.; Chen, X.; Ma, M. The analysis of " Man, Machine, Material, Method and Environment"(4M1E) on the cost of manufacturing products. Journal of Innovations in Economics & Management, 2024, 5, 87. doi:10.69610/j.jiem.202408312
AMA Style
Li X, Chen X, Ma M. The analysis of " Man, Machine, Material, Method and Environment"(4M1E) on the cost of manufacturing products. Journal of Innovations in Economics & Management; 2024, 5(3):87. doi:10.69610/j.jiem.202408312
Chicago/Turabian Style
Li, Xuelian; Chen, Xiucheng; Ma, Ming 2024. "The analysis of " Man, Machine, Material, Method and Environment"(4M1E) on the cost of manufacturing products" Journal of Innovations in Economics & Management 5, no.3:87. doi:10.69610/j.jiem.202408312

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