(Latest update) WGU C720 All Competencies Exam with 100% Correct Answers 2023

WGU C720 ________ and ________ crucial and relate to both the design of goods and services. - Correct Answer-Product & process design Tangible Goods - Correct Answer-Merchandise you can put your hands on. Physical objects. Intangible Good - Correct Answer-Good that does not have a physical nature - can be digital goods (apps, downloadable music) or virtual (bit-coin) Knowledge, education, software, consulting, media, information and data, etc. Product Design - Correct Answer-the determination of the characteristics, features, and performance of the product. Process Design - Correct Answer-describes how a product will be made or processed Product Technology - Correct Answer-Application of knowledge to improve the product Process Technology - Correct Answer-Application of knowledge to improve a process Common goals are developed during the budgeting and planning process, which happens ___________ - Correct Answer-yearly Eliminating functional silos allows teams to: - Correct Answer-share knowledge and understanding of decision making across the organization What is a functional silo? - Correct Answer-This expression is used when describing an organisation whose functions tend to be less communicative and collaborative. Decentralizing decision making leads to more cross-functional teams *very good Cross- Functionality - Correct Answer-Cross-functional teams consist of members from the same level of hierarchy but from different functional parts of the organization. They can be quite advantageous because of the synergy created from the diversity in experiences, skills, and background, which can lead to creativity and enhanced problem-solving **Unique feature important to any organization Relative Advantage - Correct Answer-the difference between the lowest cost producer and the next-lowest cost producer. Ethics are __________ than legal standards - Correct Answer-more stringent (stricter) Sustainability - Correct Answer-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. It may manifest in a variety of initiatives including minimizing or mitigating environmental pollution and may range to such efforts as employee wellness programs. Sustainability is a key ethical issue in operations and supply chain management impacting organizations and operations. Sustainability can also relate to the so-called "triple bottom line" of profitability, employee wellness, and environmental viability. Sustainability should be contrasted with vulnerability and, as such, should be perceived as a risk management strategy. competitive advantage - Correct Answer-capability that customers value, such as short delivery leadtime or high product quality that gives an organization an edge against its competition. VIRAL ; is the framework for ________ - Correct Answer-Competitive Advantage and stands for: VALUE to customers; INIMITABLE (not easily imitated); RARE; and the organization must have the APTITUDE (capability) of LIFESPAN (sustainability) to earn appropriate returns on the advantage. SWOT stands for: - Correct Answer-Strengths Weaknesses Opportunities Threats First two are INTERNAL, last two are EXTERNAL Productivity (equation) - Correct Answer-mathematical calculation Productivity = Output/Input Increases in productivity ________________________________________ - Correct Answer-reduce costs, lower prices, and provide a basis for competing in world markets Allows organizations to do the same work with less effort OR more work with the same effort. Labor Productivity (equation) - Correct Answer-mathematical calculation Labor Productivity = Quantity or Value of Units Produced / Labor Hours or Labor Costs Inventory - Correct Answer-the term for the goods available for sale and raw materials used to produce goods available for sale _________ can help businesses meet demand and work more efficiently - Correct Answer-Inventory 3 Types of Inventory - Correct Answer-Raw Materials Work in Process (WIP) Finished Goods These parts and materials are obtained from suppliers and are used in the production process. - Correct Answer-Raw Materials These are partly finished parts, components, subassemblies, or modules. - Correct Answer-Work-In-Process (WIP) 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. - Correct Answer-Peak Demand perpetual inventory system - Correct Answer-continuously monitors inventory levels. It is also known as a continuous review system. o Most appropriate for high value and high volume items o When inventory drops to a predetermined least-acceptable level (the order point), an order for more can be generated - Correct Answer-perpetual inventory system What is it when inventory drops to a pre-determined least-acceptable level? - Correct Answer-Order Point When inventory levels in a ________ inventory system reach the _____________, an order for more can be generated. - Correct Answer-Perpetual Order Point randomly monitors inventory levels. - Correct Answer-periodic inventory system o Most appropriate for low value and low volume items o To be effective, it is designed to place an order only when on-hand inventory information is available and the supplier is willing to deliver - Correct Answer-periodic inventory system The cost to implement ___________________ does not involve expensive computer equipment and software. - Correct Answer-periodic inventory system ABC analysis was developed to _______________________ - Correct Answer-determine which inventory items should receive the highest level of control. Based on focusing efforts where payoff is the highest. A Items: very tight control and accurate records B Items: Less tightly controlled and good records C Items: Simplest controls possible and minimal records ABC analysis follows the _______________ principle - Correct Answer-Pareto Pareto Principle - Correct Answer-80/20 Rule Only 20% of all items account for 80% of the total dollar usage, while the remaining items frequently account for only 20% of the dollar usage. two models used to help companies control the cost of ordering, receiving, and holding inventory - Correct Answer-The EOQ (Economic Order Quantity) and EPQ (Economic Production Quantity) focused on quantities of products a company must keep on stock for its own production - Correct Answer-EPQ (Economic Production Quantity) focused on quantities a company receives via whole orders. - Correct Answer-The EOQ (Economic Order Quantity) The goal of firms using the EOQ & EPQ model is to: - Correct Answer-minimize the total annual costs of ordering and holding inventory by varying the order quantity Ordering Cost - Correct Answer-Cost of replenishing inventory Holding Costs AKA Carrying Costs - Correct Answer-may include costs paid for storage space, interest paid on borrowed money to finance the inventory, and any losses incurred due to damage or obsolescence. can be fixed costs or variable costs It is important to differentiate between _______ costs and _______ costs of holding inventory - Correct Answer-fixed & variable Examples of fixed holding/carrying costs - Correct Answer-Capital costs of warehouse Taxes on warehouse and property Costs of operating the warehouse Personnel costs Examples of variable holding/carrying costs - Correct Answer-Cost of capital in inventory Insurance on inventory value Losses due to obsolescence, theft or spoilage Taxes on inventory value Cost of renting warehouse space A discount offered in price for ordering above a specified amount - Correct Answer-Quantity discount A discount offered on shipping cost for ordering above a specified amount - Correct Answer-transportation discount When 2 or more companies partner and divides the profits received based on an agreement between all parties involved. - Correct Answer-Revenue Sharing When a company stores, or pays another company to store, excess inventory to be used for unexpected demand. - Correct Answer-Reserve capacity Review Interval (equation) - Correct Answer-Review Interval (R) = EOQ / Annual Demand (D)