Operations and Supply Chain Management - C720 (WGU)

Operations and Supply Chain Management - C720 (WGU) Concurrent Engineering (Answer) Completing product design and process design simultaneously. Relative Advantage (Answer) 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. What is the percentage of businesses that operate within the service sector? (Answer) 88 percent VIRAL (Answer) Value, Inimitable, rare, aptitude, and lifespan. SWOT Analysis (Answer) Analyzing the internal (strengths and weaknesses) and external (opportunities and threats) environments. Requirements for developing competitive advantage (Answer) SWOT, business process, competitive capabilities, and customer requirements. Matching (Answer) Matching strengths to opportunities. Converting (Answer) Converting weaknesses or threats into strengths or opportunities.