WGU C720 OA PREP GUIDE WITH
ERROR FREE SOLUTIONS.
Inputs - ANSWER People, capital, material, money
Outputs - ANSWER Services and goods
Sustainability - ANSWER is 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 - ANSWER Acronym scene as 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 - ANSWER is a mathematical calculation; it is the ratio of the outputs
achieved divided by the inputs consumed to achieve those outputs.
6 Types of Inventory - ANSWER Raw Materials, Work In Progress, Finished
Goods, Replacement parts inventory, Supplies and Transportation.
Raw Materials - ANSWER These parts and materials are obtained from suppliers
and are used in the production process.
Work-in-process (WIP) - ANSWER These are partly finished parts, components,
sub-assemblies, or modules.
Finished Goods - ANSWER Items are ready to ship to the customer. No more work
is required.
Replacement parts inventory - ANSWER These are maintained to replace other
parts in machinery or equipment as those parts wear out
Supplies - 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): - ANSWER The portion of inventory that is in the process
of being shipped through the distribution system.
4 Types of Demand - ANSWER Peak, Seasonal, Unexpected and Chase
Peak Demand - 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.
, WGU C720 OA PREP GUIDE WITH
ERROR FREE SOLUTIONS.
Seasonal Demand - 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 - 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 - 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 - ANSWER A cushion of inventory to protect against unexpected
demand. In this way, they can continue to meet customer demand without delays.
Stock Out - ANSWER occurs when inventory is depleted.
Perpetual Inventory System - ANSWER continuously monitors inventory levels and
is also called continuous review system. Requires human input (i.e. cashier) and the
ordering of more inventory is triggered by reorder point.
Requires an exact inventory balance at all times
Best for big businesses, retail stores or banks
High value and high volume
Expensive to implement and maintain
Periodic Inventory System - ANSWER randomly monitors inventory levels and is
also called the fixed order interval system.
Requires a physical count periodically,
Used when a supplier will only deliver at specific time intervals
Low value and volume
Small Businesses
Inexpensive to implement and maintain
ABC analysis - ANSWER has been developed to determine which inventory items
should receive the highest level of control. By multiplying the dollar value of each
item by its annual usage, a dollar usage value can be obtained. Dollar usage follows
the Pareto Principle in that frequently, only 20% of all the items account for 80% of
the total dollar usage, while the remaining items frequently account for only 20% of
the dollar usage. This principle leads to the ABC classification, which is based on
focusing efforts where the payoff is highest
Pareto Principle - ANSWER only 20% of all the items account for 80% of the total
dollar usage, while the remaining items frequently account for only 20% of the dollar
usage. This principle leads to the ABC classification, which is based on focusing
efforts where the payoff is highest
ERROR FREE SOLUTIONS.
Inputs - ANSWER People, capital, material, money
Outputs - ANSWER Services and goods
Sustainability - ANSWER is 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 - ANSWER Acronym scene as 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 - ANSWER is a mathematical calculation; it is the ratio of the outputs
achieved divided by the inputs consumed to achieve those outputs.
6 Types of Inventory - ANSWER Raw Materials, Work In Progress, Finished
Goods, Replacement parts inventory, Supplies and Transportation.
Raw Materials - ANSWER These parts and materials are obtained from suppliers
and are used in the production process.
Work-in-process (WIP) - ANSWER These are partly finished parts, components,
sub-assemblies, or modules.
Finished Goods - ANSWER Items are ready to ship to the customer. No more work
is required.
Replacement parts inventory - ANSWER These are maintained to replace other
parts in machinery or equipment as those parts wear out
Supplies - 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): - ANSWER The portion of inventory that is in the process
of being shipped through the distribution system.
4 Types of Demand - ANSWER Peak, Seasonal, Unexpected and Chase
Peak Demand - 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.
, WGU C720 OA PREP GUIDE WITH
ERROR FREE SOLUTIONS.
Seasonal Demand - 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 - 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 - 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 - ANSWER A cushion of inventory to protect against unexpected
demand. In this way, they can continue to meet customer demand without delays.
Stock Out - ANSWER occurs when inventory is depleted.
Perpetual Inventory System - ANSWER continuously monitors inventory levels and
is also called continuous review system. Requires human input (i.e. cashier) and the
ordering of more inventory is triggered by reorder point.
Requires an exact inventory balance at all times
Best for big businesses, retail stores or banks
High value and high volume
Expensive to implement and maintain
Periodic Inventory System - ANSWER randomly monitors inventory levels and is
also called the fixed order interval system.
Requires a physical count periodically,
Used when a supplier will only deliver at specific time intervals
Low value and volume
Small Businesses
Inexpensive to implement and maintain
ABC analysis - ANSWER has been developed to determine which inventory items
should receive the highest level of control. By multiplying the dollar value of each
item by its annual usage, a dollar usage value can be obtained. Dollar usage follows
the Pareto Principle in that frequently, only 20% of all the items account for 80% of
the total dollar usage, while the remaining items frequently account for only 20% of
the dollar usage. This principle leads to the ABC classification, which is based on
focusing efforts where the payoff is highest
Pareto Principle - ANSWER only 20% of all the items account for 80% of the total
dollar usage, while the remaining items frequently account for only 20% of the dollar
usage. This principle leads to the ABC classification, which is based on focusing
efforts where the payoff is highest
