Operations and Supply Chain Management - C720 (WGU) 159 Questions And Answers Graded A+

Concurrent Engineering - Completing product design and process design simultaneously. 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. What is the percentage of businesses that operate within the service sector? - 88 percent 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. Matching - Matching strengths to opportunities. Converting - Converting weaknesses or threats into strengths or opportunities. Productivity - Output / Input; the goal is achieving more output given the amount of inputs, thus saving money and reducing production costs. Percent Change in Productivity - [(New Productivity - Old Productivity)/Old Productivity] * 100 Costs of Quality - Failure costs, appraisal costs, and prevention costs.