C720 WGU All Competencies exam |165 questions and answers

________ and ________ crucial and relate to both the design of goods and services. Product & process design Tangible Goods Merchandise you can put your hands on. Physical objects. Intangible Good Good that does not have a physical nature - can be digital goods (apps, downloadable music) or virtual (bit-coin) Knowledge, education, software, consulting, media, information and data, etc. Product Design the determination of the characteristics, features, and performance of the product. Process Design describes how a product will be made or processed Product Technology Application of knowledge to improve the product Process Technology Application of knowledge to improve a process Common goals are developed during the budgeting and planning process, which happens ___________ yearly Eliminating functional silos allows teams to: share knowledge and understanding of decision making across the organization What is a functional silo? This expression is used when describing an organisation whose functions tend to be less communicative and collaborative. Decentralizing decision making leads to more cross-functional teams *very good Cross- Functionality Cross-functional teams consist of members from the same level of hierarchy but from different functional parts of the organization. They can be quite advantageous because of the synergy created from the diversity in experiences, skills, and background, which can lead to creativity and enhanced problem-solving **Unique feature important to any organization Relative Advantage the difference between the lowest cost producer and the next-lowest cost producer. Ethics are __________ than legal standards more stringent (stricter) 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. It may manifest in a variety of initiatives including minimizing or mitigating environmental pollution and may range to such efforts as employee wellness programs. Sustainability is a key ethical issue in operations and supply chain management impacting organizations and operations. Sustainability can also relate to the so-called "triple bottom line" of profitability, employee wellness, and environmental viability. Sustainability should be contrasted with vulnerability and, as such, should be perceived as a risk management strategy. competitive advantage capability that customers value, such as short delivery leadtime or high product quality that gives an organization an edge against its competition. VIRAL ; is the framework for ________ Competitive Advantage and stands for: VALUE to customers; INIMITABLE (not easily imitated); RARE; and the organization must have the APTITUDE (capability) of LIFESPAN (sustainability) to earn appropriate returns on the advantage. SWOT stands for: Strengths Weaknesses Opportunities Threats First two are INTERNAL, last two are EXTERNAL Productivity (equation) mathematical calculation Productivity = Output/Input Increases in productivity ________________________________________ reduce costs, lower prices, and provide a basis for competing in world markets Allows organizations to do the same work with less effort OR more work with the same effort. Labor Productivity (equation) mathematical calculation Labor Productivity = Quantity or Value of Units Produced / Labor Hours or Labor Costs Inventory the term for the goods available for sale and raw materials used to produce goods available for sale _________ can help businesses meet demand and work more efficiently Inventory 3 Types of Inventory Raw Materials Work in Process (WIP) Finished Goods These parts and materials are obtained from suppliers and are used in the production process. Raw Materials These are partly finished parts, components, subassemblies, or modules. Work-In-Process (WIP) occurs in response to planned events such as advertising, publicity or promotion. The release of a popular game franchise's latest version often causes peak demand for a few days or weeks. Peak Demand perpetual inventory system continuously monitors inventory levels. It is also known as a continuous review system. o Most appropriate for high value and high volume items o When inventory drops to a predetermined least-acceptable level (the order point), an order for more can be generated perpetual inventory system What is it when inventory drops to a pre-determined least-acceptable level? Order Point When inventory levels in a ________ inventory system reach the _____________, an order for more can be generated. Perpetual Order Point randomly monitors inventory levels. periodic inventory system o Most appropriate for low value and low volume items o To be effective, it is designed to place an order only when on-hand inventory information is available and the supplier is willing to deliver periodic inventory system The cost to implement ___________________ does not involve expensive computer equipment and software. periodic inventory system ABC analysis was developed to _______________________ determine which inventory items should receive the highest level of control. Based on focusing efforts where payoff is the highest. A Items: very tight control and accurate records B Items: Less tightly controlled and good records C Items: Simplest controls possible and minimal records ABC analysis follows the _______________ principle Pareto Pareto Principle 80/20 Rule Only 20% of all items account for 80% of the total dollar usage, while the remaining items frequently account for only 20% of the dollar usage. two models used to help companies control the cost of ordering, receiving, and holding inventory The EOQ (Economic Order Quantity) and EPQ (Economic Production Quantity) focused on quantities of products a company must keep on stock for its own production EPQ (Economic Production Quantity) focused on quantities a company receives via whole orders. The EOQ (Economic Order Quantity) The goal of firms using the EOQ & EPQ model is to: minimize the total annual costs of ordering and holding inventory by varying the order quantity Ordering Cost Cost of replenishing inventory Holding Costs AKA Carrying Costs may include costs paid for storage space, interest paid on borrowed money to finance the inventory, and any losses incurred due to damage or obsolescence. can be fixed costs or variable costs It is important to differentiate between _______ costs and _______ costs of holding inventory fixed & variable Examples of fixed holding/carrying costs Capital costs of warehouse Taxes on warehouse and property Costs of operating the warehouse Personnel costs Examples of variable holding/carrying costs Cost of capital in inventory Insurance on inventory value Losses due to obsolescence, theft or spoilage Taxes on inventory value Cost of renting warehouse space A discount offered in price for ordering above a specified amount Quantity discount A discount offered on shipping cost for ordering above a specified amount transportation discount When 2 or more companies partner and divides the profits received based on an agreement between all parties involved. Revenue Sharing When a company stores, or pays another company to store, excess inventory to be used for unexpected demand. Reserve capacity Review Interval (equation) Review Interval (R) = EOQ / Annual Demand (D) Order-Up-To-Level (equation) M = D (R+L) Order-Up-To-Level (M) Annual Demand (D) Review Interval (R) Lead Time (L) The time between assessments that will determine average order quantity because the annual demand must be met during one year Review Interval (R) organizations are seeking a leaner, more competitive structure that will enable them to: make better decisions and to respond more quickly to opportunities in the environment. Large companies have realized that a large workforce can prevent them from responding quickly to change. Decision making in a cross-functional team environment organizations not only make better decisions, but they can also make them more quickly because problems are uncovered early and resolved expediently Organizational structure will most likely define the lines of communication Businesses are shifting from organizing by function to organizing by process Functional silos that do not allow for sharing of information exist in what type of organization? traditional In an effort to obtain its ISO standard certification, XYZ Consulting has arranged its structure so that its consultants specialize in specific areas of activity such as strategic planning, product development and supply chain management. XYZ's organizational structure would be classified as which of the following? Process