C720 WGU All Competencies, Questions and answers, 100% Accurate. VERIFIED. (LATEST UPDATE 2024/2025)

C720 WGU All Competencies, Questions and answers, 100% Accurate. VERIFIED. ________ and ________ crucial and relate to both the design of goods and services. - Product & process design Tangible Goods - Merchandise you can put your hands on. Physical objects. Intangible Good - 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 - the determination of the characteristics, features, and performance of the product. Process Design - describes how a product will be made or processed Product Technology - Application of knowledge to improve the product Process Technology - Application of knowledge to improve a process Common goals are developed during the budgeting and planning process, which happens ___________ - yearly Eliminating functional silos allows teams to: - share knowledge and understanding of decision making across the organization What is a functional silo? - 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 - 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 - the difference between the lowest cost producer and the next-lowest cost producer. Ethics are __________ than legal standards - more stringent (stricter