Operations and Supply Chain Management – C720 (WGU) Exam With 100% Correct Answers 2023/2024

C720 Operations - Correct Answer-The process used to acquire inputs, such as people, capital, and material, and transform them into outputs, such as products and services. Operations Manager - Correct Answer-They allocate resources. Capital - Correct Answer-Facilities and equipment Competitive Advantage - Correct Answer-Developing capabilities that customers value, can be sustained over the long-term, and competitors find difficult to replicate. Inseparability - Correct Answer-The process of separating production from consumption; cannot be done for services because they are produced and consumed simultaneously. Technology - Correct Answer-The application of knowledge, tools, processes, and procedures to solve problems. Product Design - Correct Answer-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 - Correct Answer-The application of knowledge to improve the product. Process - Correct Answer-How to accomplish a task. Process Design - Correct Answer-How a product is made; can fundamentally alter the nature of the product. Example: changing the taste of Coca-Cola. Process Technology - Correct Answer-The application of knowledge to improve a process. Cross-Functionality - Correct Answer-When individuals with different expertise work towards a common goal; this is an essential business process. Concurrent Engineering - Correct Answer-Completing product design and process design simultaneously. Functional Areas - Correct Answer-Subsystems within an organization, such as marketing, finance, and accounting, that are linked together by a common organizational goal. Strategy - Correct Answer-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 - Correct Answer-Main goals of an organization. Organizational Structure - Correct Answer-The formal relationships among different functional areas that aids in communication. Relative Advantage - Correct 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. North American Free Trade Agreement (NAFTA) - Correct Answer-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) - Correct Answer-A trade agreement designed to reduce tariffs and other trade restrictions. Sustainability - Correct Answer-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? - Correct Answer-88 percent Supporting Goods - Correct Answer-Supplies and equipment that aid in the development of products and services. Market Share - Correct Answer-The percentage of sales in a particular market. VIRAL - Correct Answer-Value, Inimitable, rare, aptitude, and lifespan. SWOT Analysis - Correct Answer-Analyzing the internal (strengths and weaknesses) and external (opportunities and threats) environments. Requirements for developing competitive advantage - Correct Answer-SWOT, business process, competitive capabilities, and customer requirements. Learning Curve - Correct Answer-Continuously improving a product to make it better and cheaper. Synergy - Correct Answer-Teamwork where the whole is greater than the sum of its parts. Key Processes - Correct Answer-Strategy development, product development, system development, and order fulfillment. System - Correct Answer-The process of producing goods and system. Matching - Correct Answer-Matching strengths to opportunities. Converting - Correct Answer-Converting weaknesses or threats into strengths or opportunities. Productivity - Correct Answer-Output / Input; the goal is achieving more output given the amount of inputs, thus saving money and reducing production costs. The First Revolution - Correct Answer-Starting in the late 1800s, increases in manufacturing productivity reduced the need for physical labor and enabled a shift towards service-based jobs. The Second Revolution - Correct Answer-Productivity and efficiency improvements in manufacturing freed resources for the rapid expansion of the service industry. The Third Revolution - Correct Answer-Also known as the post-industrial era, this revolution began in the 1950s with the development of computers. This technology has allowed fewer people to do more work. Reliability - Correct Answer-The ability to perform dependably and accurately. Assurance - Correct Answer-Knowledge and courtesy of employees and their ability to convey trust and confidence. Process Redesign - Correct Answer-The complete overhaul of a process to improve performance. Percent Change in Productivity - Correct Answer-[(New Productivity - Old Productivity)/Old Productivity] * 100 Quality (internal) - Correct Answer-How quality is defined by the business; often measured as the amount of a desired attribute; objective. Quality (external) - Correct Answer-How quality is defined by the customer and the product's fitness for use; meets customer's needs and expectations; subjective. Questions for Customers when Improving Products - Correct Answer-Ask what they value (not just what they want), how do they work, what makes them happy, and feedback on specific product attributes. Costs of Quality - Correct Answer-Failure costs, appraisal costs, and prevention costs. Failure Costs - Correct Answer-Costs accrued by the organization or customer as the result of a failure of the product. Appraisal Costs - Correct Answer-Investments in measuring quality and assessing customer satisfaction. Prevention Costs - Correct Answer-Investments designed to prevent defects from occurring. Poka-yoke - Correct Answer-Mistake proofing; an approach to prevent defects, such as color-coding parts so that customers assemble the product correctly. Design for Manufacture and Assembly (DFMA) - Correct Answer-Products should be designed so that they are simple and inexpensive to produce. Design for Operations (DFO) - Correct Answer-Services should be simple and inexpensive. Statistical Process Control (SPC) - Correct Answer-The use of statistical methods to determine when a process that produces goods is getting close to producing too many defects. W. Edwards Deming - Correct Answer-The most influential individual within the specialty of quality; After World War II, he went to Japan to help rebuild their economy, and he was heralded for his influence. He went on to lecture in the United States in the 1980s; he developed his 14 Points for the Transformation of Management. Deming's 14 Points for the Transformation of Management - Correct Answer-The system, not employees, cause defects; management is responsible for changing the system, and they must take responsibility instead of blaming employees; Deming also stressed the use of Statistical Process Control (SPC) and encouraged training in its use. Other highlights include creating purpose, reduce fear, provide training and leadership, break down barriers between departments, and eliminate slogans, work standards, and quotas.