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Which of the following statements is consistent with the concept of scarcity? - Answer consumers and societies are not able to satisfy all their wants with their available resources Which of the following is consistent with the definition of opportunity costs? - Answer opportunity cost is the highest valued alternative given up when a choice is made At a fruit stand, Dhruv is told that he may select one of the following fruits for free: an apple, a mango, or a pomegranate. Dhruv pref...

GDP is - Answer value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - Answer Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - Answer exports minus imports CPI is used to - Answer monitor changes in the cost of living over time Inflation rate - Answer percentage change in the price level from the previous period ...

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Process - Answer "Any activity or group of activities that takes an input, adds value to is and provides an output to an external customer. Using an organization's resources to provide definitive results." •Step-by-step breakdown that aids in providing high quality results on a consistent basis utilizing minimal resources. •A mini supply chain The relationship between Business Processes and Supply Chain - Answer •Supply chains are made up of a series of interconnected...

Cost - Answer Materials, Energy, Wages, Transportation, Rent Quality - Answer Design, Reliability, Consistency, Materials, Fabrics Speed - Answer Delivery, On-Time, Innovation Time Flexibility - Answer Customization, Size of Order, Design Competitive Priorities - Answer Cost, Quality, Speed, Flexibility Productivity: - Answer The ratio of outputs [What did I make?] to inputs [What was the cost?]. (Organizational Perspective) Value: - Answer The ratio of ...

Bulk Cargo - Answer Free Flowing cargo, stored loose. Loaded by shovel, pump, bucket or scoop. Coal, Rice, Grain, Raw Sugar, Oil, Sulfur Break Bulk Cargo - Answer General or packaged cargo. Often containerized and measured in TEU's. Neo-Bulk Cargo - Answer Hybrid of both bulk and break bulk. Automobiles, logs, steel, cattle Multimodal v Intermodal - Answer Uses more than one mode of transport during a single shipment. V. Seamless multimodal shipment. No need to unload con...

1. cost 2. quality 3. speed/time 4. flexibility - Answer Competitive Priorities value (what i get/price) - Answer customers perspective productivity (what i make/cost) - Answer organization perspective 1. Procurement 2. Operations 3. Logistics - Answer SCM Key Components Procurement (buy it) - Answer process of obtaining services, supplies, and equipment in conformance with corporate regulations Operations (make it) - Answer makes business processes effectiv...

Performance metric (PM) - Answer a single performance measurement used to evaluate, motivate, and improve performance. System of metrics - Answer A group of metrics that collectively attempt to provide a multi-dimensional view of a resource or outcome. Reasons organizations use PMs - Answer (a) Helps to establish and support standards, (b) Motivate good behavior, (c) Identify trends, (d) Managing large numbers of resources, (e) Performance data can facilitate decision maki...

What is a project - Answer A unique undertaking in which resources (human, material, and/or financial) are organized to achieve an end goal or outcome Four steps in project management - Answer 1. define the project 2. establish project priorities 3. work breakdown structure 4. track project progress Project priorities triangle from lecture - Answer Cost, time, performance (Quality in the middle) Objectives (provide examples) - Answer Desired outcomes for the project. Thes...

Goal of waiting line management - Answer Balance the cost paid by the customers (time) with the cost paid by the company (money paid to maintain the system) Parts of a waiting line system - Answer 1. Input Source - This is the population of people that might want service 2. Waiting Line - The area in which customers wait for service 3. Service Facility - The area in which customers actually receive service 4 Managerial Considerations in Queues - Answer 1) Customers - How many ar...

THINGS WE TALKED ABOUT IN CLASS - Answer - pizza - cow path - silicon wafers - ticket broker - your resume (little stories) - "don't be a jerk" - real estate, show them what is available - Health, physician's advice - GPA, he doesn't like it - Basketball - how should we create grades - anesthesiology - motorola six sigma - whirlpool it upgrade Business Process - Answer - any activity that takes an input, adds value, and provides an output - a cell of the sup...

What is a process? - Answer mini supply chain within an organization. tiny cells in the bones Any activity or group of activities that takes an input, adds value to it, and provides an output to an internal or external customer. recipe for pizza example - Answer Recipe = business process manage from afar guiding someone to success Process Maps (Flowcharts) - Answer A diagram made up of a series of symbols that maps a process. Each symbol represents a different step or activity...

Retailing Options - Answer Brick and Mortar: All products and services are sold to customers from physical stores •Online or E tailing: All products and services are sold to customers through an online website •Bricks and clicks: products can be bought from a physical store or from an online system •Clicks and calls: in addition to taking orders via the company website, some companies will also offer sales via the phone Omnichannel Retailing - Answer retailers who fully seek to...

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Adaptation - Answer Long term changes in animals in response to their environment; genetically based Acclimatization - Answer Short term changes in animals in response to their environment Conduction - Answer Exchange of heat, from warm to cold, between touching objects Convection - Answer Flow of heat, from warm to cold, through air or water Lower Critical Temperature - Answer The temp below which the animal must make physiological adjustments to maintain its body tem...

Okie - Answer No brahman influence Feeder Cattle - Answer Frame size (small, medium, large) and muscle thickness (1, 2, 3, 4) 1, 2, 3, 4, and utility - Answer feeder pigs Feeder lambs - Answer less than 100 pounds Large steers - Answer >1200 large heifers - Answer >1000 Medium steers - Answer medium heifers - Answer 850-1000 small steers - Answer >1000 small heifers - Answer >850 Grades - Answer designed to group animals...

Concentrate - Answer Feed that is high in energy, low in fiber, highly digestible T.D.N. (Total Digestible Nutrients) - Answer Includes total amounts of digestible protein, N-free extract, fiber, and fat all added together. Approximates energy content. Roughage - Answer Feed high in fiber, low in digestible nutrients, low energy. (hay, straw, silage) Feeder - Answer Animals which need no further feeding prior to slaughter Fil - Answer Contents of digestive tract Dar...

Which of the following sheep breed is the most dominant breed worldwide and is very hardy, fertile, long lived, and has excellent flocking instinct. a. Merino b. Rambouillet c. Hampshire d. Southdown - Answer a. Merino Which of the following sheep breeds is a sire breed known for rapid growth and muscularity with a dark brown to black face, legs, and ears with a wool cap on the head. a. Southdown b. Hampshire c. Suffolk d. Merino - Answer b. Hampshire Which of the following s...

Which of the following types of swine breeds is white in color with huge drooping ears, the most prolific swine breed, and is highly adaptable to a confinement environment? a. Hampshire b. Landrace c. Yorkshire d. Duroc - Answer b. Landrace Which of the following swine breeds is frequently part of a crossbreeding program, noted for large litters, and has excellent feed conversion? a. Hampshire b. Yorkshire c. Landrace d. Pietrain - Answer b. Yorkshire Which of the following s...

Dr. Ed Jedrzejewski is the Horse Unit Manager for Penn State and has helped extensively with a research and extension project on the topic of Equine Parasite Control. - Answer Jedrzejewski, Equine Parasite Control Mr. Brian Egan teaches ANSC 327 - Introductory Horse Production and Management. - Answer True Dr. Ann Macrina, is the coordinator of the equine science minor, and is the best resource for students who want to know which courses need to be completed for that minor. - Answer ...