WGU C720 OPERATIONS AND SUPPLY CHAIN MANAGEMENT | COMPLETE SOLUTION 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...
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 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
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