WVU BCOR 360 EXAM 1 QUESTIONS WITH VERIFIED SOLUTIONS GRADED A+

WVU BCOR 360 EXAM 1 QUESTIONS WITH VERIFIED SOLUTIONS GRADED A+ Operations management: - Answers The planning, scheduling, and control of the activities that transform inputs into finished goods and services. Supply chain management: - Answers The active management of supply chain activities and relationships in order to maximize customer value and achieve a sustainable competitive advantage. Supply chain: - Answers A network of manufacturers and service providers that work together to create products or services needed by end users. These manufacturers are linked together through physical flows, information flows, and monetary flows. Supply chain activities: - Answers Plan Buy/Source Make Deliver Return Focal Firm: - Answers The organization with which one identifies when discussing supply chain management Upstream: - Answers Activities or firms positioned earlier in the supply chain (prior to the focal firm) Downstream: - Answers Activities or firms positioned later in the supply chain 1st Tier Supplier: - Answers Direct supply to the Focal Firm 2nd Tier Supplier - Answers Direct supplier to the 1st Tier Supplier Electronic commerce: - Answers The use of computer and telecommunications technologies to conduct business via electronic transfer of data and documents Increasing competition and globalization: - Answers Customer demands are changing and new competitors are entering the markets Relationship management: - Answers Organizations must manage the relationships with their upstream suppliers as well as their downstream customers coordinated decision making: - Answers Systems approach to management that considers the total impact of functional and channel partner decisions of the final customer Structural element: - Answers Large capital investments that are difficult to reverse. Includes tangible resources such as buildings, equipment, and computer systems. Infrastructural element: - Answers The policies, people, decision rules, and organizational structure choices made by a firm. These affect the culture and operation of the business. Mission Statement: - Answers A statement that explains why an organization exists. Business Strategy: - Answers Identifies a firm's targeted customers, how the firm will compete, and sets time frames and performance objectives for the business Functional strategy: - Answers A plan of action that translates a business strategy into functional responses supporting the business strategy. e.g. Supply chain, marketing, human resources, finance, etc. Core competency: - Answers An organizational strength or ability developed over a long period