WGU C201 BUSINESS ACUMEN/ACTUAL EXAM 58
QUESTIONS AND 100% COMPLETE SOLUTION/A+GRADE
GUARANTEED
supply chain management - ANSWER/connects and integrates all members of the
distribution system; includes procurement, operations, and logistics
upstream supply chain - ANSWER/early stages involving the creation or sourcing of raw
materials (e.g., suppliers)
downstream supply chain - ANSWER/final stages involving product completion and
delivery to the end consumer (e.g., retailers)
procurement - ANSWER/processes to obtain resources to create value; includes
sourcing, purchasing, and inventory management
sourcing - ANSWER/identifying, evaluating, and selecting suppliers that will meet an
organization's needs
strategic sourcing - ANSWER/aligning an organization's purchasing decisions with
overall business strategy and focusing on long-term supplier relationships
purchasing - ANSWER/buying all the materials needed by the organization
purchase order (PO) - ANSWER/document sent from the buyer to the supplier (includes
goods being purchased, quantities, agreed-upon prices, etc
outsourcing - ANSWER/the transferring of manufacturing or other tasks to third-party
providers
inventory - ANSWER/all raw materials, components, completed or partially completed
products, and pieces of equipment a firm uses
finished-goods inventory - ANSWER/products ready for sale
work-in-process inventory - ANSWER/products partly completed
raw materials inventory - ANSWER/materials purchased to be used as inputs for
making other products
carrying cost - ANSWER/cost of holding an item in inventory
inventory control - ANSWER/determining how many supplies and goods are needed;
keeping track of quantities on hand, where each item is, and who is responsible for it
, radio-frequency identification (RFID) - ANSWER/wireless system of tags and readers
using radio waves to communicate information while handling inventory
economic order quantity (EOQ) model - ANSWER/identifies the optimum number of
items to order to minimize the costs of managing them
just-in-time (JIT) inventory management - ANSWER/uses smaller quantities of materials
that arrive "just in time" for use in the transformation process
material-requirements planning (MRP) - ANSWER/schedules the precise quantity of
materials needed to make the product
operations management (OM) - ANSWER/activities involved in transforming resources
into goods and services; the transformation process
manufacturing - ANSWER/processes used in making tangible products
production - ANSWER/processes used in making both tangible and intangible products
operations - ANSWER/day-to-day activities and processes within an organization that
drive the production of goods and services
inputs - ANSWER/resources that are converted into products (e.g., labor, money,
materials, energy)
products - ANSWER/the goods, services, and ideas that result from the conversion of
inputs
standardization - ANSWER/making identical, interchangeable components or products;
(e.g., ballpoint pens)
modular design - ANSWER/building an item in self-contained units (modules) that can
be combined or interchanged to create different products (e.g., The Container Store)
customization - ANSWER/making products to meet a particular customer's needs or
wants (e.g., jewelry)
mass customization - ANSWER/making products that meet the needs or wants of a
large number of individual customers (e.g., fitness programs)
capacity - ANSWER/the maximum load that an organizational unit can carry or operate;
unit of measurement can be a worker, machine, etc
fixed-position layout - ANSWER/brings all resources required to create the product to a
central location
QUESTIONS AND 100% COMPLETE SOLUTION/A+GRADE
GUARANTEED
supply chain management - ANSWER/connects and integrates all members of the
distribution system; includes procurement, operations, and logistics
upstream supply chain - ANSWER/early stages involving the creation or sourcing of raw
materials (e.g., suppliers)
downstream supply chain - ANSWER/final stages involving product completion and
delivery to the end consumer (e.g., retailers)
procurement - ANSWER/processes to obtain resources to create value; includes
sourcing, purchasing, and inventory management
sourcing - ANSWER/identifying, evaluating, and selecting suppliers that will meet an
organization's needs
strategic sourcing - ANSWER/aligning an organization's purchasing decisions with
overall business strategy and focusing on long-term supplier relationships
purchasing - ANSWER/buying all the materials needed by the organization
purchase order (PO) - ANSWER/document sent from the buyer to the supplier (includes
goods being purchased, quantities, agreed-upon prices, etc
outsourcing - ANSWER/the transferring of manufacturing or other tasks to third-party
providers
inventory - ANSWER/all raw materials, components, completed or partially completed
products, and pieces of equipment a firm uses
finished-goods inventory - ANSWER/products ready for sale
work-in-process inventory - ANSWER/products partly completed
raw materials inventory - ANSWER/materials purchased to be used as inputs for
making other products
carrying cost - ANSWER/cost of holding an item in inventory
inventory control - ANSWER/determining how many supplies and goods are needed;
keeping track of quantities on hand, where each item is, and who is responsible for it
, radio-frequency identification (RFID) - ANSWER/wireless system of tags and readers
using radio waves to communicate information while handling inventory
economic order quantity (EOQ) model - ANSWER/identifies the optimum number of
items to order to minimize the costs of managing them
just-in-time (JIT) inventory management - ANSWER/uses smaller quantities of materials
that arrive "just in time" for use in the transformation process
material-requirements planning (MRP) - ANSWER/schedules the precise quantity of
materials needed to make the product
operations management (OM) - ANSWER/activities involved in transforming resources
into goods and services; the transformation process
manufacturing - ANSWER/processes used in making tangible products
production - ANSWER/processes used in making both tangible and intangible products
operations - ANSWER/day-to-day activities and processes within an organization that
drive the production of goods and services
inputs - ANSWER/resources that are converted into products (e.g., labor, money,
materials, energy)
products - ANSWER/the goods, services, and ideas that result from the conversion of
inputs
standardization - ANSWER/making identical, interchangeable components or products;
(e.g., ballpoint pens)
modular design - ANSWER/building an item in self-contained units (modules) that can
be combined or interchanged to create different products (e.g., The Container Store)
customization - ANSWER/making products to meet a particular customer's needs or
wants (e.g., jewelry)
mass customization - ANSWER/making products that meet the needs or wants of a
large number of individual customers (e.g., fitness programs)
capacity - ANSWER/the maximum load that an organizational unit can carry or operate;
unit of measurement can be a worker, machine, etc
fixed-position layout - ANSWER/brings all resources required to create the product to a
central location
