Which of the Following Techniques Involves the Use of Optimization

question 59

Multiple Choice

Which of the following techniques involves the use of optimization methods to provide new and better ways to operate based on specific business objectives?

• A)descriptive analytics
• B)prescriptive analytics
• C)predictive analytics
• D)quantitative analysis
• E)qualitative analysis

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Definitions:

Manufacturing Overhead

Indirect costs related to manufacturing, covering expenses such as maintenance, utilities, and quality control that do not directly relate to production.

Overhead Cost

Expenses related to the operation of a business that cannot be directly tied to a specific product or service, including costs like rent, utilities, and administrative salaries.

Predetermined Overhead Rate

An estimated rate used to allocate overhead costs to products or services, based on a selected activity base such as machine-hours or labor-hours.

Machine-Hours

A measure of production time using machinery, often used as a basis for allocating manufacturing overhead costs.