WGU C720 Complete OA Prep Guide |153 Questions and Answers(A+ Solution guide)

Inputs - People, capital, material, money Outputs - Services and goods Sustainability - Defined broadly in operations and supply chain management as the ethical issues an organization faces to balance financial performance while maintaining social responsibility standards and a responsible environmental profile. VIRAL - Acronym - A framework for competitive advantage. Viral, Inimitable, Rare, Aptitude, Lifespan. The advantage must provide Value to consumers; it should be Inimitable (not easily imitated), Rare, and an organization must have the Aptitude (capability) and Lifespan (sustainability) to earn appropriate returns on the advantage. Productivity - A mathematical calculation; it is the ratio of the outputs achieved divided by the inputs consumed to achieve those outputs. 6 Types of Inventory - o Raw Materials o Work In Progress o Finished Goods o Replacement Parts Inventory o Supplies o Transportation Raw Materials - These parts and materials are obtained from suppliers and are used in the production process.Work-in-process (WIP) - These are partly finished parts, components, sub-assemblies, or modules. Finished Goods - Items are ready to ship to the customer. No more work is required.