WGU C720 Operations and Supply Chain Management Questions and Answers Graded A+

WGU C720 Operations and Supply Chain Management Questions and Answers Graded A+ Operations Management ✔✔The multidisciplinary science that organizations use to acquire inputs (people, capital, material, or energy and transform them into outputs (products and/or services) that ultimately provide value to the end customer Biggest diffe rence between Service Providers and Goods Producers ✔✔A good is tangible and a service is not Resources ✔✔People, Capital, and Materials Product Design ✔✔The determination of the characteristics, features, and performance of the product Product Technolo gy ✔✔The application of knowledge to improve the product Process ✔✔Describes how to accomplish a task Process Design ✔✔Describes how a product is made Process Technology ✔✔The application of knowledge to improve a process Teamwork Approach ✔✔In managin g operation can help solve quality and productivity problems Strategy ✔✔Consists of the organizational goals and the methods for implementing the goals, called key procedures Business Process ✔✔A set of work activities with a preferred order, and identif iable beginning and end, inputs, and clearly defined outputs that add value to the customer Plan ✔✔List of actions that management expects to take Organizational Structure ✔✔The infrastructure of formal relationships among different functions or subsyste ms, such as marketing, finance, and operations Relative Advantage ✔✔The difference between the lowest cost producer and the next lower cost producer Ethics ✔✔A sense of what is right and what is wrong that guide behavior Sustainability ✔✔Reflects the efforts organizations are expected to make to balance their interconnected obligations to economic viability, the societies in which they operate, and the natural environment Competitive Advantage ✔✔A capability that customer s value, such as short delivery lead -time or high product quality that gives an organization an edge against its competition Market Share ✔✔A company's sales divided by the sales of all companies in its industry Product Development ✔✔A teamwork oriented process that begins with the organization's strategy and analysis of the markets as inputs Supply Chain ✔✔Commonly used to refer to the network of organizations that participate in producing goods or producing services