Eizehu Mekoman are Mishnayos that describe in a bit of detail the laws of various korbonos that were brought in the Beis HaMikdash. If one says this with concentration, it is if he has brought those korbonos. It is included in shacharis to ensure that every man learn some Mishnah daily. (For more, you should then go to Rabbi Padowitz’s Mishnayos shiur Sunday–Thursday at 9:00am, and the Friday morning chazara shiur). It is essential to understand the words, since it is primarily Torah study.
It is appropriate to say it after shacharis if it was not said before.
Women are not required to say it.