WGU - C720 Operations and Supply Chain Management Already Passed

WGU - C720 Operations and Supply Chain Management Already Passed Ethics ✔✔Are a sense of what is right and wrong that guide behavior. This set of standards is often more stringent than legal standards. Test questions ...

WGU - C720 Operations and Supply Chain Management Already Passed Ethics ✔✔Are a sense of what is right and wrong that guide behavior. This set of standards is often more stringent than legal standards. Test questions on the OA will require you to understand right and wrong regarding common business practices. Anything related to fraud, wrong doing, dishonesty, etc., even if it is to protect the company, is considered unethical business practices. Sustainability ✔✔Is defined broadly in operations and supply chain management as the ethical issues an organization faces to balance financial performance while maintaining social responsibility standards and a responsible environmental profile. Competitive Advantage ✔✔Is a capability that customers value, such as short delivery leadtime or high product quality that gives an organization an edge against its competition. o Some scholars use the acronym VIRAL as a framework for competitive advantage. The advantage must provide Value to consumers; it should be Inimitable (not easily imitated), Rare, and an organization must have the Aptitude (capability) and Lifespan (sustainability) to earn appropriate returns on the advantage. SWOT Analysis ✔✔Is a simple but useful technique for analyzing an organization's strengths and weaknesses and the opportunities and threats that it faces. It helps a company focus on its strengths, minimize threats, and take the greatest possible advantage of opportunities available. SWOT Analysis ✔✔Is a useful framework for understanding the strengths and weaknesses internal to an organization, and for identifying both the opportunities and the threats related to externalfactors. Identification of strengths, weaknesses, opportunities, and threats is important because SWOT Analysis can assist in future planning to achieve objectives. The four elements of SWOT Analysis: ✔✔Strengths Weaknesses Opportunities The first of the four elements of SWOT Analysis: ✔✔Strengths:These are the characteristics of a business or project that lend an advantage within the scope of the study. The second of the four elements of SWOT Analysis: ✔✔Weaknesses: These characteristics of a business or project result in a disadvantage, relative to others, The third of the four elements of SWOT Analysis ✔✔Opportunities: These are elements that the project could exploit to its advantage. The forth the four elements of SWOT Analysis ✔✔Threats: These elements in the competitive environment could create trouble for the business or project. Productivity ✔✔Is a mathematical calculation; it is the ratio of the outputs achieved divided by the inputs consumed to achieve those outputs. o As productivity increases, organizations can do the same work with less effort, or can do more work with the same effort. Increases in productivity reduce costs, lower prices, and provide a basis for competing in world markets. 6 Types of Inventory ✔✔Raw MaterialsWork-in-process (WIP) Finished Goods Replacement parts inventory Supplies Transportation (pipeline) Raw Materials ✔✔These parts and materials are obtained from suppliers and are used in the production process. Work-in-process (WIP) ✔✔These are partly finished parts, components, subassemblies, or modules. Finished Goods ✔✔Items are ready to ship to the customer. No more work is required. Replacement parts inventory ✔✔These are maintained to replace other parts in machinery or equipment as those parts wear out. Supplies ✔✔Parts or materials are used to support the production process but not usually a component of the product. These items, such as lubricant and cutting tools, are consumed in the production process. Transportation (pipeline) ✔✔The portion of inventory that is in the process of being shipped through the distribution system. 4 types of demand ✔✔Peak demandSeasonal demand Unexpected demand Chase demand Peak demand ✔✔Which occurs in response to planned events such as advertising, publicity or promotion. The release of a popular game franchise's latest version often causes peak demand for a few days or weeks. Seasonal demand ✔✔As shoppers adjust their purchase velocity in line with holidays, especially Christmas. But Halloween, Thanksgiving and even St. Patrick's Day also create seasonal demand for certain kinds of merchandise. Unexpected demand ✔✔Which occurs due to a usually-unexpected event. For example, an underdog school may upset a favorite during the NCAA's basketball tournament, causing a run on their merchandise. Chase demand ✔✔Occurs when a company has to adjust production by rates to match demand by varying the workforce and using overtime. Companies vary the workforce by adding or reducing the number of employees on duty at any given time. And they may choose to provide overtime by asking workers to stay on thejob beyond their normally scheduled time. Stock-Out ✔✔Occurs when inventory is depleted. This may occur for a variety of reasons. For example, an organization may underestimate demand, experience disruptions in its supply chain or delays in production that lead to late delivery of the product. Perpetual and Periodic Inventory Systems ✔✔Are systems that companies use to track inventory. Although mostly used separately, they can also be used together.