Mention the factors that need to be considered for aggregate planning. (30–100 words)

Aggregate planning requires consideration of several factors. These include:

1. Demand Forecast: Predicting the quantity and timing of demand for the product.
2. Production Cost: Including costs of inventory, material, labor, hiring, and firing.
3. Workforce Level: The number of workers required to meet production needs.
4. Company Policies: These may relate to staffing levels, use of overtime, etc.
5. Material Availability: Ensuring necessary materials are available when needed.
6. Storage Space: Adequate space for inventory storage.
7. Lead Time: The time taken from ordering to receiving goods.
8. Flexibility: Ability to adapt to changes in demand or production capacity.