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Operations and Supply Chain Management - C720 (WGU), Exam Review. Most sought revision material. Rated A
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Operations and Supply Chain Management - C720 (WGU), Exam Review. Most sought revision material. Rated A Operations - -The process used to acquire inputs, such as people, capital, and material, and transform them into outputs, such as products and services. Operations Manager - -They alloca...

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  • February 25, 2023
  • 31
  • 2022/2023
  • Exam (elaborations)
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  • operations and supply chain management c720 wgu
  • exam review most sought revision material rated a operations the process used to acquire inputs

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Operations and Supply Chain
Management - C720 (WGU), Exam
Review. Most sought revision material.
Rated A


Operations - ✔✔-The process used to acquire inputs, such as people, capital, and material, and
transform them into outputs, such as products and services.




Operations Manager - ✔✔-They allocate resources.




Capital - ✔✔-Facilities and equipment




Competitive Advantage - ✔✔-Developing capabilities that customers value, can be sustained over the
long-term, and competitors find difficult to replicate.




Inseparability - ✔✔-The process of separating production from consumption; cannot be done for
services because they are produced and consumed simultaneously.




Technology - ✔✔-The application of knowledge, tools, processes, and procedures to solve problems.




Product Design - ✔✔-The characteristics, features, and performance of the product; how the product
functions; does not fundamentally change the product. Example: changing Coca-Cola's beverage
containers from glass to aluminum.

,Product Technology - ✔✔-The application of knowledge to improve the product.




Process - ✔✔-How to accomplish a task.




Process Design - ✔✔-How a product is made; can fundamentally alter the nature of the product.
Example: changing the taste of Coca-Cola.




Process Technology - ✔✔-The application of knowledge to improve a process.




Cross-Functionality - ✔✔-When individuals with different expertise work towards a common goal; this is
an essential business process.




Concurrent Engineering - ✔✔-Completing product design and process design simultaneously.




Functional Areas - ✔✔-Subsystems within an organization, such as marketing, finance, and accounting,
that are linked together by a common organizational goal.




Strategy - ✔✔-Consists of the organizational goals and the methods of implementing the goals; every
element of the SWOT analysis should be considered when developing strategies.




Key Policies - ✔✔-Main goals of an organization.

,Organizational Structure - ✔✔-The formal relationships among different functional areas that aids in
communication.




Relative Advantage - ✔✔-Where one entity has an advantage over another; will often trade their
specialized products for those that they do not produce; companies with a relative advantage are able
to produce products at a lower cost than their competitors.




North American Free Trade Agreement (NAFTA) - ✔✔-A free trade agreement between the United
State, Mexico, and Canada to reduce tariffs and other trade restrictions.




General Agreement on Tariffs and Trade (GATT) - ✔✔-A trade agreement designed to reduce tariffs and
other trade restrictions.




Sustainability - ✔✔-Balancing the interconnected obligations to economic viability, society, and the
environment (the triple bottom line).




What is the percentage of businesses that operate within the service sector? - ✔✔-88 percent




Supporting Goods - ✔✔-Supplies and equipment that aid in the development of products and services.




Market Share - ✔✔-The percentage of sales in a particular market.




VIRAL - ✔✔-Value, Inimitable, rare, aptitude, and lifespan.

, SWOT Analysis - ✔✔-Analyzing the internal (strengths and weaknesses) and external (opportunities and
threats) environments.




Requirements for developing competitive advantage - ✔✔-SWOT, business process, competitive
capabilities, and customer requirements.




Learning Curve - ✔✔-Continuously improving a product to make it better and cheaper.




Synergy - ✔✔-Teamwork where the whole is greater than the sum of its parts.




Key Processes - ✔✔-Strategy development, product development, system development, and order
fulfillment.




System - ✔✔-The process of producing goods and system.




Matching - ✔✔-Matching strengths to opportunities.




Converting - ✔✔-Converting weaknesses or threats into strengths or opportunities.




Productivity - ✔✔-Output / Input; the goal is achieving more output given the amount of inputs, thus
saving money and reducing production costs.




The First Revolution - ✔✔-Starting in the late 1800s, increases in manufacturing productivity reduced
the need for physical labor and enabled a shift towards service-based jobs.

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