WGU C720 Operations and Supply Chain Management Exam Latest Updated

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Operations Management - ANSWER The multidisciplinary science that organizations use to acquire inputs (people, capital, material, or energy and transform them into outputs (products and/or services) t... hat ultimately provide value to the end customer Biggest difference between Service Providers and Goods Producers - ANSWER A good is tangible and a service is not Resources - ANSWER People, Capital, and Materials Product Design - ANSWER The determination of the characteristics, features, and performance of the product Product Technology - ANSWER The application of knowledge to improve the product Process - ANSWER Describes how to accomplish a task Process Design - ANSWER Describes how a product is made Process Technology - ANSWER The application of knowledge to improve a process Teamwork Approach - ANSWER In managing operation can help solve quality and productivity problems Strategy - ANSWER Consists of the organizational goals and the methods for implementing the goals, called key procedures Business Process - ANSWER 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 - ANSWER List of actions that management expects to take Organizational Structure - ANSWER The infrastructure of formal relationships among different functions or subsystems, such as marketing, finance, and operations Relative Advantage - ANSWER The difference between the lowest cost producer and the next lower cost producer Ethics - ANSWER A sense of what is right and what is wrong that guide behavior Sustainability - ANSWER 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 - ANSWER 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 - ANSWER A company's sales divided by the sales of all companies in its industry Product Development - ANSWER A teamwork oriented process that begins with the organization's strategy and analysis of the markets as inputs Supply Chain - ANSWER Commonly used to refer to the network of organizations that participate in producing goods or producing services Focal Firm - ANSWER Directs the flow of information much like a conductor coordinates the activities of an orchestra Vertical Intergration - ANSWER Owning multiple assets in a supply chain Logistics - ANSWER Managing the movement of materials, components, and information from point to point in the supply chain Supply Chain Management - ANSWER Taking actions to have all members of the supply chain work together to coordinate their activities and share information Reverse Logistics - ANSWER When it is necessary to return defective products to the manufacturer for repair or replacement Insourcing - ANSWER Goods and services that are provided by the organization Outsource - ANSWER Goods and services obtained by outside suppliers Backward Vertical Integration - ANSWER When a company owns its suppliers SCOR Model - ANSWER Offers framework of processes and metrics to help companies monitor and control the performance of their supply chains Lean Supply Chain - ANSWER The company would plan to decrease days of supply Constraint - ANSWER Any resource whose capacity is less than or equal to demand for that resource Bottleneck - ANSWER Most limiting constraint on [Show More]

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