WGU C720 OPERATIONS AND SUPPLY CHAIN MANAGEMENT | COMPLETE SOLUTION GRADED A+
Operations Management - The multidisciplinary science that organizations use to acquire inputs (people, capital, material, or energy and transform them into outputs (products and/or services) that ultimately provide...
Operations Management - The multidisciplinary science that organizations use to
acquire inputs (people, capital, material, or energy and transform them into outputs
(products and/or services) that ultimately provide value to the end customer
Biggest difference between Service Providers and Goods Producers - A good is
tangible and a service is not
Resources - People, Capital, and Materials
Product Design - The determination of the characteristics, features, and performance of
the product
Product Technology - The application of knowledge to improve the product
Process - Describes how to accomplish a task
Process Design - Describes how a product is made
Process Technology - The application of knowledge to improve a process
Teamwork Approach - In managing operation can help solve quality and productivity
problems
Strategy - Consists of the organizational goals and the methods for implementing the
goals, called key procedures
Business Process - A set of work activities with a preferred order, and identifiable
beginning and end, inputs, and clearly defined outputs that add value to the customer
Plan - List of actions that management expects to take
Organizational Structure - The infrastructure of formal relationships among different
functions or subsystems, such as marketing, finance, and operations
Relative Advantage - The difference between the lowest cost producer and the next
lower cost producer
, Ethics - A sense of what is right and what is wrong that guide behavior
Sustainability - Reflects the efforts organizations are expected to make to balance their
interconnected obligations to economic viability, the societies in which they operate, and
the natural environment
Competitive Advantage - A capability that customers value, such as short delivery lead-
time or high product quality that gives an organization an edge against its competition
Market Share - A company's sales divided by the sales of all companies in its industry
Product Development - A teamwork oriented process that begins with the
organization's strategy and analysis of the markets as inputs
Supply Chain - Commonly used to refer to the network of organizations that participate
in producing goods or producing services
Focal Firm - Directs the flow of information much like a conductor coordinates the
activities of an orchestra
Vertical Intergration - Owning multiple assets in a supply chain
Logistics - Managing the movement of materials, components, and information from
point to point in the supply chain
Supply Chain Management - Taking actions to have all members of the supply chain
work together to coordinate their activities and share information
Reverse Logistics - When it is necessary to return defective products to the
manufacturer for repair or replacement
Insourcing - Goods and services that are provided by the organization
Outsource - Goods and services obtained by outside suppliers
Backward Vertical Integration - When a company owns its suppliers
SCOR Model - Offers framework of processes and metrics to help companies monitor
and control the performance of their supply chains
Lean Supply Chain - The company would plan to decrease days of supply
Constraint - Any resource whose capacity is less than or equal to demand for that
resource
Bottleneck - Most limiting constraint on the system
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Mboffin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.