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Question : Case Study: XYZ Manufacturing Company

XYZ Manufacturing Company is a well-established firm that produces consumer electronics. They have been facing increased competition and declining sales in recent years. The management is looking for ways to revamp their production processes and regain market share.

Question:

What is the first step XYZ Manufacturing Company should take in the planning process to improve their production processes?

Option 1: Setting objectives and goals
  

Option 2: Identifying potential risks
 

Option 3: Allocating resources

  

Option 4: Evaluating alternatives


Team Careers360 18th Jan, 2024
Answer (1)
Team Careers360 24th Jan, 2024

Correct Answer: Identifying potential risks


Solution : The correct answer is (b) Identifying potential risks

Identifying potential risks is a crucial initial step because it allows the company to understand the challenges and uncertainties associated with revamping production processes. By assessing potential risks, XYZ Manufacturing Company can develop strategies to mitigate these risks and ensure a more successful planning and implementation process.

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