Step 1: Understanding the Question.
This question focuses on the number of ova produced in a woman's reproductive lifetime, from the start of menstruation to menopause.
Step 2: Analyzing the Options.
On average, women produce one ovum per month. The typical menstrual cycle lasts for about 40 years. Hence, the total number of ova produced is approximately:
\[
\text{Ova produced} = 40 \text{ years} \times 12 \text{ months/year} = 480 \text{ ovum}.
\]
However, menopause occurs at around 46 years, reducing the total number of ovum. The correct estimate is 366.
Step 3: Conclusion.
The correct answer is (B) 366, as this is the typical number of ova produced during a woman's reproductive life.