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ECONOMICS - EC201 LAB REVISION QUESTIONS 2025/2026

Comprehensive study guide for Intro to Psychology, Brain & Behavior, Biopsychology, or PSYC 101. Covers major neuroscience foundations including the history of brain vs heart, monism vs dualism, trepanation, phrenology, and modern concepts like transhumanism and neural dust. Includes clear explanations of the nervous system (CNS vs PNS), sensory vs motor neurons, neuron anatomy, glial cells, brain slices/planes, anatomical directions, gyri vs sulci, meninges, ventricles, and major brain areas....

Which of the following advantages is gained by a firm that has a multiple sourcing strategy? - Answer risk is spread Building relationships for key suppliers and preparing contingency plans in case of supply interruptions is vital for products or services found in the: - Answer critical quadrant One advantage of outsourcing is that it - Answer increases the company's access to state-of-the-art products and processes. _______________ refers to the broad set of activities carr...

Inventory - Answer Any idle resource held for future use - "Those stocks or items used to support production (raw material and work-in-process items), supporting activities (maintenance supplies) and customer service (finished goods, spare parts) Forms of Inventory - Answer Raw Materials - ex: oranges Work In Process Finished Goods - ex: filled and sealed cans Components - ex: empty cans Inventory Types (CHATSS) - Answer Cycle Stock Hedge Inventory Anticipation Inventory ...

Operations Function - Answer is the collection of people, technology and systems within an organization that has primarily responsibility for providing the products or services Supply Chain - Answer a network of manufacturers and service providers that move raw materials through to the end user Operations management - Answer should be thought about as a transformation process that takes inputs and transfers them into outputs & is the planning, scheduling and control of the activ...

Capacity - Answer The capability of a worker, machine, work center, plant or organization to produce output per time period Theoretical Capacity - Answer The maximum output capability, allowing for no adjustments for preventive maintenance or unplanned downtime Rated Capacity - Answer The long-term, expected output capability of a resource or system Lead Capacity Strategy Definition - Answer A capacity strategy in which capacity is added in anticipation of (before) demand A...

Sales and operations Planning/Aggregate planning - Answer A process to develop tactical plans by integrating marketing plans for new and existing products with the management of the supply chain. The process brings together all the plans for the business into one integrated set of plans. Strategic Planning - Answer Planning that takes place at the highest levels of the firm, addressing needs that might not arise for years into the future. Tactical planning - Answer Planning that c...

capacity - Answer the capability of a worker, machine, work center, plant or organization to produce output per time period measures of capacity - Answer in terms of inputs, outputs, or a combo ex: jiffy lube=oil changes per hour law firm=billable hours college= student hours per semester theoretical capacity - Answer the max output capability, allowing for no adjustments for preventive maintenance or unplanned downtime rated capacity - Answer the long-term, expected outp...

CHAP 1: Introduction to Operations and SCM - Answer Operations functions - Answer also called operations; The collection of people, technology, and systems within an organization that has primary responsibility for providing the organization's products or services Operations management - Answer the planning, scheduling, and control of the activities that transform inputs into finished goods and services 2 types- manufacturing operations and service operations transfor...