WGU C720 Operations and Supply Chain Management, questions & Answers, rated A+

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WGU C720 Operations and Supply Chain Management, questions & Answers, rated A+ Operations Management - ✔✔-The multidisciplinary science that organizations use to acquire inputs (people, cap... ital, 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 procedures Business 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 services Focal 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 resource Bottleneck - ✔✔-Most limiting constraint on the system Most likely bottleneck to impact a lean supply chain - ✔✔-Product Operations Management - ✔✔-The transformation of customer expectations into products or services Quality - ✔✔-The capacity to satisfy customers' needs Quality Function Deployment - ✔✔-Takes customer expectations and transforms them into specific actions designed to meet those expectations 5 Dimensions of Service Quality - ✔✔-Reliability, Responsiveness, Assurance, Empathy, Tangibles 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 Product Development - ✔✔-A teamwork-oriented process that begins with the organization's strategy and analysis of the markets as inputs Order Fulfillment - ✔✔-Obtains customers' orders, enters them into the organization's information system, and finally delivers the order to satisfy customers SWOT Analysis - ✔✔-A simple but useful technique for analyzing an organization's strengths and weaknesses and the opportunities and threats that it faces Strengths - ✔✔-These are the characteristics of a business or project that lend an advantage within the scope of the study Weaknesses - ✔✔-These characteristics of a business or project result in a disadvantage, relative to others Opportunities - ✔✔-These are elements that the project could exploit to its advantage Threats - ✔✔-These elements in the competitive environment could create trouble for the business or project Failure Costs - ✔✔-Incurred whenever any product or component of a product fails to meet requirements Internal Failure Costs - ✔✔-Associated with defects found before the product reaches the customer External Failure Costs - ✔✔-Incurred after a product has reached the customer Appraisal Costs - ✔✔-Incurred to measure quality, asses customer satisfaction, and inspect the test products Prevention Costs - ✔✔-Result from activities designed to prevent defects from occurring Product Design - ✔✔-This is how the product, either good or a service, functions. Process Design - ✔✔-This is how the product, either good or a service, is produced Work Execution - ✔✔-This is the performance of the plan created in the product and process design Inspection - ✔✔-This is an assessment of the quality of the good or service W. Edwards Deming and Joseph M Juran - ✔✔-Credited with major influence on the approach to quality in Japanese organizations Quality Planning - ✔✔-The development of products and services that appeal to the ever changing customer wants and need [Show More]

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