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Layoff Situation in economics problems

Develop a small plan for the following scenario / not extensive

You are the production manager at a circuit board factory. After a series of economic problems, you are forced to consider laying off 120 employees. Since demand is expected to pick up again within the next 12 months, you would also like to explore alternative plans that would avoid a layoff. The factory has 1200 employees.

What factors should be considered?
What information would be useful and how can the information be obtained?

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