Define Production opportunities
It is the ability of an individual or a firm to convert its cost into an opportunity. During the process of producing a good, the task of the management authority is to efficiently schedule the multiple factors that run in parallel. The resources and output should be allocated efficiently by limiting the constraints of a firm. The firms can find the production opportunities if they adopt multiple control processes such as demand forecasting, production planning, quality control, scheduling and planning of labor and material, maintenance of equipment, etc. Product opportunities exist where there is a gap between what is presently available in the market and the possibility of a new desired significant improved product that results from the emerging trend in the market. The product derived from product opportunity will fill the gap when it meets both the conscious as well as unconscious expectations of the buyers and is desirable and useful for the customers.
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