What is 5P in prozect management The 5P’s Of mawagement provide managers with a framework for making dese good choites awd for building a porocess which creates value fox the shareholders, By Contrast, tre traditional management atperoach is 40 focus on Functions of management in order 40 achieve the goals of the organization Tm the global economy, where the Competition is based on inowled ge, the envirovinent if Changing rapidly, Emplogees, supplies, and shaoreholders have more Knowledge and information than ever before, and there is, therefore, a weed for a Framewoor which ewables managers to wane decisions which lead to value Creation The 5 P's of management provide such a Framework The 5 PS are! i) Plan, 2) Process, 3) people, 4) possessions, amd 5) Profits Chm & Management Plan Planning iS the Key 40 the SUCCESS OF an Co-ganization Tt IS necessary because businesses operate amid uncertainty awk visk, and the managers do not have tht opportunity of rmaning decisions under a backparouwd of certamty. Plarning involves setting clear awk realistic goals, oa gawizing busmess activity based on the revenues forecast, formulating strategies, reepazing budgets, and implementing strategies, and evaluation awd control systems,Parocess Am on parizational process includes both business porocess and opearational porocess, The business parocess is based on the business model of the farm The business process guides the fiam in Generating TEVEWUES, MAMAging COSES, awl generading. profits. Manager's Selec? a business Ynodel shat has the potendial of coeayng value foo the shaveholdens, Osgeniza to nol Process Arn operational porocess consists oF multiple inputs, outputs, awd processes tat aesult im am cargarizational output (product ov seevicel Im the operational porocess, impus aaise Forom all tre basic business Functions, iweluding mazeting, Finance, opearations MANAZeMent, Haman vesources, and tearmolopy AS vepLived, Managers Select the appropeiate inpuds and porocess rrodules wecessary For the AeseA output. Trey Stouctuare the modules im the opexational process to Cost, imporove quality, incense productivity, awd generate te desired cusput product 0 sevice),People Tre people within am corganization include ewployees, suppliees, customeers, and shareholders, Managers motivate, patpare awd assign the appropriate people to the apperopriate positions in the operational paocess, They build long-term xelasionstibs with people who axe able 10 deliver she vesouarces required for she parokuct ox sevice, They. listen 40 the people who are buying co will buy the product ox seovice, They moritor ox gavizational ouspurs 10 rake sure they meet the needs of the people who will buy tre product. They also Understand the expectations oF the people who have invested in the Company and aim 40 Catate value that meets thtler ExPectations. Possessions Orgawizational possessions mclude assets and capital Organization capital includes human capital, intellectual capital, economic capital, and maakelng capital Mawageas evaluate the or garizational weeds awk tre value of the ox panizational capital of the firm They raise ecowonic Capital awd invest in human, intellectual, awd maoneting Capital They apply. organizational assets and capital in the opearational parocess in ways that will generate rmaxiintim value Foo the fiorm, Profits Mawaging @ business without Concean for profits is not Zod management, Managers adopt YAWAZEMEnE POOLESSES which have the POlential oF Pentaratng long-term Prorits, They make thelr decisions based on the understanding. that the fiast step im business 15 40 suavive, the. Setowh is 10 generate profits, awd te thied is to create value for tre shareroldeas, Managers evaluate organizational performance with both qualitative awk quantitative measures, Management is not about functions, but rathes it is about the process of actieving orgarizational goals awk creating. value,