Which of the following are the factors on which the choice of a forecasting method depends? 1. Data availability 2. Product life cycle 3. Accuracy required 4. Volume of demand

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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.


Which of the following are the factors on which the choice of a forecasting method depends? 1. Data availability 2. Product life cycle 3. Accuracy required 4. Volume of demand