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Here is a small tutorial for using MMC.
1. Download and Run MMC
2. Select your desired compression method
3. If you want to split, set firat volume size and custom volume size(Note: Here the size is determined as megabytes. If you don't want to split, leave it blank)
4. Set archive name(Must be set)
5. Set source dir(The contents of the folder to compress)
6. Set destination dir(The folder to keep the compressed file/create conversions)
7. If you want to create conversion, select setup executable and icon file and disklabel, else not.
Let me make you understand how this works.
For example, you have 4 archives after splitting and you decided to create conversions. You selected setup executable named setup.exe, icon named icon.ico and disklabel to DISK. Then there will be four folders created.
Folder 1: DISK1, this folder will contain autorun.inf, setup.exe, icon.ico and first split volume
Folder 2/3/4: DISK2/3/4, these folders will contain the remaining split. volumes, icon.ico and autorun.inf
8. If you check the checkbox "Create iso", iso files will be created for every folder names.
9. If you save the settings to ini, the conversion/compression settings will be saved to mmc.ini and will be automatically loaded when you start MMC.
10. If you don't select any method, the default method is storing.

After you finished compressing, you can use any normal script to decompress if you didn't use split, just include the compressors there.
If you used splitting, use the one from MMC_example folder.
Edit the script and find data.bin.001, and replace it with your archive name.
Then set other settings and compile, rest is handled by itself.

Thanks to cls-diskspan from Razor12911 for everything.