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Operations And Supply Chain Management - C720 (WGU) Latest Update
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Operations And Supply Chain Management - C720 (WGU) Latest Update 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 ...

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  • March 9, 2023
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  • 2022/2023
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Operations And Supply Chain Management - C720 (WGU ) Latest Update 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 Comp etitive 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 applic ation 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 k nowledge 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. Funct ional 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 Trad e 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 restrict ions. 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 interna l (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 good s 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 a nd 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. The Second Revolution ✔✔Productivity and efficiency improvements in manufacturing freed resources for the rapid expansion of the service industry. The Third Revolution ✔✔Also known as the post -industrial era, this revolution began in the 1950s with the de velopment of computers. This technology has allowed fewer people to do more work. Reliability ✔✔The ability to perform dependably and accurately. Assurance ✔✔Knowledge and courtesy of employees and their ability to convey trust and confidence. Process R edesign ✔✔The complete overhaul of a process to improve performance. Percent Change in Productivity ✔✔[(New Productivity - Old Productivity)/Old Productivity] * 100 Quality (internal) ✔✔How quality is defined by the business; often measured as the amount of a desired attribute; objective. Quality (external) ✔✔How quality is defined by the customer and the product's fitness for use; meets customer's needs and expectations; subjective. Questions for Customers when Improving Products ✔✔Ask what they value (not just what they want), how do they work, what makes them happy, and feedback on specific product attributes. Costs of Quality ✔✔Failure costs, appraisal costs, and prevention costs. Failure Costs ✔✔Costs accrued by the organization or customer as the result of a failure of the product.

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