Heres my take on this:

D: it may be possible for company managers to determine how much effort should be dedicated to each of these products in order to meet the company’s short and long term goals

it may be possible shows uncertainity, while the original sentence has certainity so i'm going to eliminate this answer.

E: managers at a company can determine how much effort ought to be dedicated to each of these products in order to meet the company’s goals in both the short and long term.

These does not have a clear antecedent. The operation's products? Off with this option.

A,B,C all seem pretty close.

C: it can be determined by company managers how much effort ought to be devoted to each of the company’s products in order to meet its goals, both short and long term.

its does not have a clear antecedent. In this sentence it seems to refer to the goals of the company's products. So off with this option too.

A: it is possible to determine how much effort ought to be devoted to each of a company’s products in order to meet its goals in both the short and long terms

Again, its does not seem to have an antecedent.

B: a company’s managers can determine how much effort should be dedicated to each of the company’s products in order to meet its short and long term goals

Here the company is mentioned in the first line itself. A company's managers can... in order to meet its short and long term goals.

The word managers can be removed and still the sentence would be fine.
A company can...in order to meet its...goals.

Also...each of the company's products... is written instead of 'each of its products' to avoid reference to 'managers'.

So B seems to be the best answer.

Of course since you have already mentioned that B is the answer, our minds will be a bit biased. Would help if you would put the answer in a spoiler.
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I have doubt with B because it uses its for Company's Managers which is incorrect.. its may also be used for Company's products which is also incorrect...

As far as I know you can add possession only to concrete nouns, meaning you can "feel/hear/touch/smell" the noun (correct me if I'm wrong). the company sounds like a noun that in my opinion is not concrete. so any use of company's sounds odd. Yet each of the answer choices uses this noun with possession in some way or another. So if I ignore the seemingly possession mistake I'd say that since the bold part should start with something that is modified by the first part of the sentence we can only choose between B & E.
B is phrased more concisely than E (again disregarding the possession mistake).
So I would pick B.

Can I ask what is the source of the question?
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pronoun "its" can refers to a possessive noun, it does not break any rules. B wins because of concision and style.
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Actually,

Its is the possessive form of "it." (Its is a possessive pronoun).

Therefore, just to make it clear - "its" should refer to a possessive noun.


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