Operations and Supply Chain Management - C720 (WGU)
Operations - correct answer The process used to acquire inputs, such as people,
capital, and material, and transform them into outputs, such as products and
services.
Operations Manager - correct answer They allocate resources.
Capital - correct answer Facilities and equipment
Competitive Advantage - correct answer Developing capabilities that customers
value, can be sustained over the long-term, and competitors find difficult to
replicate.
Inseparability - correct answer The process of separating production from
consumption; cannot be done for services because they are produced and
consumed simultaneously.
Technology - correct answer The application of knowledge, tools, processes, and
procedures to solve problems.
Product Design - correct answer 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 - correct answer The application of knowledge to improve
the product.
Process - correct answer How to accomplish a task.
Process Design - correct answer How a product is made; can fundamentally alter
the nature of the product. Example: changing the taste of Coca-Cola.
Process Technology - correct answer The application of knowledge to improve a
process.
Cross-Functionality - correct answer When individuals with different expertise
work towards a common goal; this is an essential business process.
Concurrent Engineering - correct answer Completing product design and process
design simultaneously.
,Operations and Supply Chain Management - C720 (WGU)
Functional Areas - correct answer Subsystems within an organization, such as
marketing, finance, and accounting, that are linked together by a common
organizational goal.
Strategy - correct answer 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 - correct answer Main goals of an organization.
Organizational Structure - correct answer The formal relationships among
different functional areas that aids in communication.
Relative Advantage - correct answer 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) - correct answer 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) - correct answer A trade
agreement designed to reduce tariffs and other trade restrictions.
Sustainability - correct answer 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? -
correct answer 88 percent
Supporting Goods - correct answer Supplies and equipment that aid in the
development of products and services.
Market Share - correct answer The percentage of sales in a particular market.
VIRAL - correct answer Value, Inimitable, rare, aptitude, and lifespan.
SWOT Analysis - correct answer Analyzing the internal (strengths and
weaknesses) and external (opportunities and threats) environments.
, Operations and Supply Chain Management - C720 (WGU)
Requirements for developing competitive advantage - correct answer SWOT,
business process, competitive capabilities, and customer requirements.
Learning Curve - correct answer Continuously improving a product to make it
better and cheaper.
Synergy - correct answer Teamwork where the whole is greater than the sum of
its parts.
Key Processes - correct answer Strategy development, product development,
system development, and order fulfillment.
System - correct answer The process of producing goods and system.
Matching - correct answer Matching strengths to opportunities.
Converting - correct answer Converting weaknesses or threats into strengths or
opportunities.
Productivity - correct answer Output / Input; the goal is achieving more output
given the amount of inputs, thus saving money and reducing production costs.
The First Revolution - correct answer 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 - correct answer Productivity and efficiency
improvements in manufacturing freed resources for the rapid expansion of the
service industry.
The Third Revolution - correct answer Also known as the post-industrial era, this
revolution began in the 1950s with the development of computers. This
technology has allowed fewer people to do more work.
Reliability - correct answer The ability to perform dependably and accurately.
Assurance - correct answer Knowledge and courtesy of employees and their
ability to convey trust and confidence.
Process Redesign - correct answer The complete overhaul of a process to
improve performance.
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