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This lecture covers the fundamental concepts of scheduling in operating systems, including limited direct execution, protection rings, exceptions, interrupts, traps, context switching, preemptive scheduling, and various scheduling policies such as FIFO, SJF, STCF, RR, and MLFQ. The instructor explains the challenges of scheduling long-running batch processes and low-latency interactive processes, and introduces the concept of multi-level feedback queues to optimize for different metrics like turnaround time and response time.