________ 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) Sustainability ✔✔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 ✔✔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 ________ ✔✔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: ✔✔Strengths Weaknesses Opportunities Threats First two are INTERNAL, last two are EXTERNAL Productivity (equation) ✔✔mathematical calculation Productivity = Output/Input Increases in productivity ________________________________________ ✔✔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) ✔✔mathematical calculation Labor Productivity = Quantity or Value of Units Produced / Labor Hours or Labor Costs