WGU C720 Operations and Supply Chain Management -2024 WGU C720 Operations and Supply Chain Management FINAL EXAM (Questions & Answers) 100% verified Answers 2024 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 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. WGU C720 Operations and Supply Chain Management -2024 Technology The application of knowledge, tools, processes, and procedures to solve problems. Product Design The characteristics, features, and performance of the produc t; 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. WGU C720 Operations and Supply Chain Management -2024 Cross -Functionality When individuals with differ ent 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 acc ounting, 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. WGU C720 Operations and Supply Chain Management -2024 Relative Advantage Where one entity has an advantage over another; will often trade their specialized product s 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, soc iety, 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.
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