WGU C720 Operations and Supply Chain Management Questions and Answers Graded A+

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WGU C720 Operations and Supply Chain Management Questions and Answers Graded A+ Operations Management ✔✔The multidisciplinary science that organizations use to acquire inputs (people, capital,... material, or energy and transform them into outputs (products and/or services) that ultimately provide value to the end customer Biggest difference between Service Providers and Goods Producers ✔✔A good is tangible and a service is not Resources ✔✔People, Capital, and Materials Product Design ✔✔The determination of the characteristics, features, and performance of the product Product Technology ✔✔The application of knowledge to improve the product Process ✔✔Describes how to accomplish a task Process Design ✔✔Describes how a product is made Process Technology ✔✔The application of knowledge to improve a process Teamwork Approach ✔✔In managing operation can help solve quality and productivity problems Strategy ✔✔Consists of the organizational goals and the methods for implementing the goals, called key proceduresBusiness Process ✔✔A set of work activities with a preferred order, and identifiable beginning and end, inputs, and clearly defined outputs that add value to the customer Plan ✔✔List of actions that management expects to take Organizational Structure ✔✔The infrastructure of formal relationships among different functions or subsystems, such as marketing, finance, and operations Relative Advantage ✔✔The difference between the lowest cost producer and the next lower cost producer Ethics ✔✔A sense of what is right and what is wrong that guide behavior Sustainability ✔✔Reflects the efforts organizations are expected to make to balance their interconnected obligations to economic viability, the societies in which they operate, and the natural environment Competitive Advantage ✔✔A capability that customers value, such as short delivery lead-time or high product quality that gives an organization an edge against its competition Market Share ✔✔A company's sales divided by the sales of all companies in its industry Product Development ✔✔A teamwork oriented process that begins with the organization's strategy and analysis of the markets as inputs Supply Chain ✔✔Commonly used to refer to the network of organizations that participate in producing goods or producing servicesFocal Firm ✔✔Directs the flow of information much like a conductor coordinates the activities of an orchestra Vertical Intergration ✔✔Owning multiple assets in a supply chain Logistics ✔✔Managing the movement of materials, components, and information from point to point in the supply chain Supply Chain Management ✔✔Taking actions to have all members of the supply chain work together to coordinate their activities and share information Reverse Logistics ✔✔When it is necessary to return defective products to the manufacturer for repair or replacement Insourcing ✔✔Goods and services that are provided by the organization Outsource ✔✔Goods and services obtained by outside suppliers Backward Vertical Integration ✔✔When a company owns its suppliers SCOR Model ✔✔Offers framework of processes and metrics to help companies monitor and control the performance of their supply chains Lean Supply Chain ✔✔The company would plan to decrease days of supply Constraint ✔✔Any resource whose capacity is less than or equal to demand for that res [Show More]

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