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

WGU C720 Operations and Supply Chain Management Questions and Answers Graded A+ Document Content and Description Below 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 difference 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 Technology 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 managing operation can help solve quality and productivity problems Strategy Consists of the organizational goals and the methods for implementing the goals, called key proceduresBusiness Process A set of work activities with a preferred order, and identifiable 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 subsystems, 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 customers 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 servicesFocal Firm Directs the flow of information much like a conductor coordinates the activities of an orchestra Vertical Intergration Owning multiple assets in a supply chain Logistics Managing the movement of materials, components, and information from point to point in the supply chain Supply Chain Management Taking actions to have all members of the supply chain work together to coordinate their activities and share information Reverse Logistics When it is necessary to return defective products to the manufacturer for repair or replacement Insourcing Goods and services that are provided by the organization Outsource Goods and services obtained by outside suppliers Backward Vertical Integration When a company owns its suppliers SCOR Model Offers framework of processes and metrics to help companies monitor and control the performance of their supply chains Lean Supply Chain The company would plan to decrease days of supply Constraint Any resource whos