Operations and Supply Chain Management - C720 (WGU), Exam Review. Most sought revision material. Rated A
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C720
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C720
Operations and Supply Chain Management - C720 (WGU), Exam Review. Most sought revision material. Rated A
Operations - -The process used to acquire inputs, such as people, capital, and material, and transform them into outputs, such as products and services.
Operations Manager - -They alloca...
exam review most sought revision material rated a operations the process used to acquire inputs
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Operations and Supply Chain
Management - C720 (WGU), Exam
Review. Most sought revision material.
Rated A
Operations - ✔✔-The process used to acquire inputs, such as people, capital, and material, and
transform them into outputs, such as products and services.
Operations Manager - ✔✔-They allocate resources.
Capital - ✔✔-Facilities and equipment
Competitive Advantage - ✔✔-Developing capabilities that customers value, can be sustained over the
long-term, and competitors find difficult to replicate.
Inseparability - ✔✔-The process of separating production from consumption; cannot be done for
services because they are produced and consumed simultaneously.
Technology - ✔✔-The application of knowledge, tools, processes, and procedures to solve problems.
Product Design - ✔✔-The characteristics, features, and performance of the product; how the product
functions; does not fundamentally change the product. Example: changing Coca-Cola's beverage
containers from glass to aluminum.
,Product Technology - ✔✔-The application of knowledge to improve the product.
Process - ✔✔-How to accomplish a task.
Process Design - ✔✔-How a product is made; can fundamentally alter the nature of the product.
Example: changing the taste of Coca-Cola.
Process Technology - ✔✔-The application of knowledge to improve a process.
Cross-Functionality - ✔✔-When individuals with different expertise work towards a common goal; this is
an essential business process.
Concurrent Engineering - ✔✔-Completing product design and process design simultaneously.
Functional Areas - ✔✔-Subsystems within an organization, such as marketing, finance, and accounting,
that are linked together by a common organizational goal.
Strategy - ✔✔-Consists of the organizational goals and the methods of implementing the goals; every
element of the SWOT analysis should be considered when developing strategies.
Key Policies - ✔✔-Main goals of an organization.
,Organizational Structure - ✔✔-The formal relationships among different functional areas that aids in
communication.
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.
North American Free Trade Agreement (NAFTA) - ✔✔-A free trade agreement between the United
State, Mexico, and Canada to reduce tariffs and other trade restrictions.
General Agreement on Tariffs and Trade (GATT) - ✔✔-A trade agreement designed to reduce tariffs and
other trade restrictions.
Sustainability - ✔✔-Balancing the interconnected obligations to economic viability, society, and the
environment (the triple bottom line).
What is the percentage of businesses that operate within the service sector? - ✔✔-88 percent
Supporting Goods - ✔✔-Supplies and equipment that aid in the development of products and services.
Market Share - ✔✔-The percentage of sales in a particular market.
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.
Learning Curve - ✔✔-Continuously improving a product to make it better and cheaper.
Synergy - ✔✔-Teamwork where the whole is greater than the sum of its parts.
Key Processes - ✔✔-Strategy development, product development, system development, and order
fulfillment.
System - ✔✔-The process of producing goods and system.
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.
The First Revolution - ✔✔-Starting in the late 1800s, increases in manufacturing productivity reduced
the need for physical labor and enabled a shift towards service-based jobs.
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