Comprehensive budget for the production division

Background: As the production manager of a medium-sized manufacturing firm that produces electronic devices. The company manufactures a range of products, including smartphones, tablets, and smartwatches. As the production manager, you are responsible for preparing the annual budget for the upcoming fiscal year. Include technical knowledge about Budgetary Planning. (no Al answer please) Objective: To create a comprehensive budget for the production division of the manufacturing firm for the next fiscal year (2029-2030) based on projected revenues and anticipated expenses. Financial Situation: Projected Annual Revenue: $10,000,000 Desired Profit Margin: 15% Case Study Questions: 1. How would you allocate the budget for the production division to ensure smooth operations and achieve the company's financial goals? 2. What cost-saving measures would you implement to optimize production costs without compromising quality? 3. Suppose the company plans to invest in new automated machinery to increase production efficiency. How would you evaluate the financial viability of this investment, and what factors would you consider? 4. The company is considering hiring additional workers to meet increasing production demands. How would you determine the optimal number of hires while considering labor costs and productivity? 5. Describe the quality control procedures you would implement to ensure that products meet the company's quality standards. 6. How would you manage inventory levels to balance the costs of carrying inventory with the risk of stockouts? 7. Suppose there is a sudden increase in the price of raw materials. How would you adjust the budget and production plans to accommodate this change without impacting profitability