WGU C720 Operations and Supply Chain Management Exam with 100% Correct Answers 2023/2024

WGU C720 Operations Management - Correct Answer-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 - Correct Answer-A good is tangible and a service is not Resources - Correct Answer-People, Capital, and Materials Product Design - Correct Answer-The determination of the characteristics, features, and performance of the product Product Technology - Correct Answer-The application of knowledge to improve the product Process - Correct Answer-Describes how to accomplish a task Process Design - Correct Answer-Describes how a product is made Process Technology - Correct Answer-The application of knowledge to improve a process Teamwork Approach - Correct Answer-In managing operation can help solve quality and productivity problems Strategy - Correct Answer-Consists of the organizational goals and the methods for implementing the goals, called key procedures Business Process - Correct Answer-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 - Correct Answer-List of actions that management expects to take Organizational Structure - Correct Answer-The infrastructure of formal relationships among different functions or subsystems, such as marketing, finance, and operations Relative Advantage - Correct Answer-The difference between the lowest cost producer and the next lower cost producer Ethics - Correct Answer-A sense of what is right and what is wrong that guide behavior Sustainability - Correct Answer-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 - Correct Answer-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 - Correct Answer-A company's sales divided by the sales of all companies in its industry Product Development - Correct Answer-A teamwork oriented process that begins with the organization's strategy and analysis of the markets as inputs Supply Chain - Correct Answer-Commonly used to refer to the network of organizations that participate in producing goods or producing services Focal Firm - Correct Answer-Directs the flow of information much like a conductor coordinates the activities of an orchestra Vertical Intergration - Correct Answer-Owning multiple assets in a supply chain Logistics - Correct Answer-Managing the movement of materials, components, and information from point to point in the supply chain Supply Chain Management - Correct Answer-Taking actions to have all members of the supply chain work together to coordinate their activities and share information Reverse Logistics - Correct Answer-When it is necessary to return defective products to the manufacturer for repair or replacement Insourcing - Correct Answer-Goods and services that are provided by the organization Outsource - Correct Answer-Goods and services obtained by outside suppliers Backward Vertical Integration - Correct Answer-When a company owns its suppliers SCOR Model - Correct Answer-Offers framework of processes and metrics to help companies monitor and control the performance of their supply chains Lean Supply Chain - Correct Answer-The company would plan to decrease days of supply Constraint - Correct Answer-Any resource whose capacity is less than or equal to demand for that resource Bottleneck - Correct Answer-Most limiting constraint on the system Most likely bottleneck to impact a lean supply chain - Correct Answer-Product Operations Management - Correct Answer-The transformation of customer expectations into products or services Quality - Correct Answer-The capacity to satisfy customers' needs Quality Function Deployment - Correct Answer-Takes customer expectations and transforms them into specific actions designed to meet those expectations