Using Data to Estimate What Is Likely to Occur in the Future

question 122

Multiple Choice

Using data to estimate what is likely to occur in the future is an example of:

• A)predictive analytics.
• B)prescriptive analytics.
• C)descriptive analytics.
• D)diagnostic analytics.

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Definitions:

Maximum Value

The highest level of benefit, utility, or satisfaction obtained from a product, service, or action.

Cost of Production

The cumulative costs associated with producing a product, encompassing expenditures on raw materials, workforce, and indirect expenses.

Machine

Equipment or apparatus that uses mechanical power to perform tasks, ranging from simple tools to complex devices.

Cyclical Scheduling

Involves creating a repeating schedule of operations or activities, commonly used in manufacturing or workforce management to ensure consistent production or availability.