WGU C720 OA LATEST EXAM STUDY GUIDE QUESTIONS (VERIFIED ANSWERS)|AGRADE

Inputs - Correct Answer People, capital, material, money Outputs - Correct Answer Services and goods Sustainability - Correct Answer 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. VIRAL - Correct Answer Acronym - A framework for competitive advantage. Viral, Inimitable, Rare, Aptitude, Lifespan. The advantage must provide Value to consumers; it should be Inimitable (not easily imitated), Rare, and an organization must have the Aptitude (capability) and Lifespan (sustainability) to earn appropriate returns on the advantage. Productivity - Correct Answer A mathematical calculation; it is the ratio of the outputs achieved divided by the inputs consumed to achieve those outputs. 6 Types of Inventory - Correct Answer o Raw Materials o Work In Progress o Finished Goods o Replacement Parts Inventory o Supplies o Transportation Raw Materials - Correct Answer These parts and materials are obtained from suppliers and are used in the production process. Work-in-process (WIP) - Correct Answer These are partly finished parts, components, sub-assemblies, or modules. Finished Goods - Correct Answer Items are ready to ship to the customer. No more work is required. Replacement parts inventory - Correct Answer These are maintained to replace other parts in machinery or equipment as those parts wear out Supplies - Correct Answer Parts or materials are used to support the production process but not usually a component of the product. These items, such as lubricant and cutting tools, are consumed in the production process. Transportation (pipeline): - Correct Answer The portion of inventory that is in the process of being shipped through the distribution system. 4 Types of Demand - Correct Answer o Peak o Seasonal o Unexpected o Chase Peak Demand - Correct Answer Demand which 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. Seasonal Demand - Correct Answer Demand as shoppers adjust their purchase velocity in line with holidays, especially Christmas. But Halloween, Thanksgiving and even St. Patrick's Day also create seasonal demand for certain kinds of merchandise. Unexpected Demand - Correct Answer Demand which occurs due to a usually-unexpected event. For example, an underdog school may upset a favorite during the NCAA's basketball tournament, causing a run on their merchandise. Chase Demand - Correct Answer Demand that occurs when a company has to adjust production by rates to match demand by varying the workforce and using overtime. Companies vary the workforce by adding or reducing the number of employees on duty at any given time. And they may choose to provide overtime by asking workers to stay on the job beyond their normally scheduled time. Safety Stock - Correct Answer A cushion of inventory to protect against unexpected demand. In this way, they can continue to meet customer demand without delays.