Operations and Supply Chain Management - C720 (WGU) Exam Study Questions and Answers 2024

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. Technology - The application of knowledge, tools, processes, and procedures to solve problems. Product Design - 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 - 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. Cross-Functionality - When individuals with different 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 accounting, 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. Relative Advantage - 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) - 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, society, 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. Market Share - The percentage of sales in a particular market. VIRAL - Value, Inimitable, rare, aptitude, and lifespan. SWOT Analysis - Analyzing the internal (strengths and weaknesses) and external (opportunities and threats) environments. Requirements for developing competitive advantage - SWOT, business process, competitive capabilities, and customer requirements. Learning Curve - Continuously improving a product to make it better and cheaper. Synergy - Teamwork where the whole is greater than the sum of its parts. Key Processes - Strategy development, product development, system development, and order fulfillment. System - The process of producing goods and system.