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What does production planning allow a firm to do?
AWeigh its competitive environment and goals to find the best methods
BFix the selling price of every product for the coming year
CDecide which shareholders will receive the largest dividend
DSet the wage rate that each grade of worker will receive
Answer & Solution
Correct answer: A. Weigh its competitive environment and goals to find the best methods
1. Production planning is an important part of operations management.
2. It lets the firm consider its competitive environment together with its own strategic goals.
3. Holding both in view is what allows it to settle on the best production methods.
4. Pricing, dividends, and wage rates are decided by marketing, finance, and human resources respectively.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 10 "Achieving World-Class Operations Management", section Gearing Up: Production Planning_
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