Mahesh, an entrepreneur is planning to enter into a new business of manufacturing laptop bags with an inbuilt lock facility. Being highly complex and tedious, its manufacturing operations need to be well planned. He decides that the complete bag will be manufactured at his own factory i.e. no part of its manufacturing process will be outsourced. Identify the important component of business plan that is discussed above.
Answer & explanation
Correct answer: option 4
A production plan helps to plan the work in such a manner that one can clearly form an idea about:
a) Production schedule and/or budget b) Machinery, equipment requirement c) Manufacturing method and process involved d) Plant layout e) Time, motion and work study f) Manpower requirement g) Inventory requirement
a) Production schedule and/or budget b) Machinery, equipment requirement c) Manufacturing method and process involved d) Plant layout e) Time, motion and work study f) Manpower requirement g) Inventory requirement