Consider the below mentioned statements: 1. Without the forecast, no production function can be taken up. 2 Forecasts are subject to market dynamics and many other predictable parameters which will be known and controllable. State True or False:

Production management is the process of managing the activities of a business to create products and services. So, it happens in service as well as in manufacturing industries.

In manufacturing operations, production management includes responsibility for product and process design, planning and control issues involving capacity and quality, and organization and supervision of the workforce.

The '5 Ms' of Production management are: men, machines, methods, materials, and money.