A Risk Manager Analyzed Fleet Accident Data to Help Determine

question 1

Multiple Choice

A risk manager analyzed fleet accident data to help determine which loss control measures would provide the greatest safety incentives for drivers.Examining data to generate information that will help make more informed decisions is called

• A)predictive analytics.
• B)catastrophe modeling.
• C)sensitivity analysis.
• D)data mining.

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Definitions:

Activity-Based Costing

A costing approach that allocates overhead and indirect expenses to distinct activities, offering a more precise cost estimation for products.

Product Margin

The amount by which the selling price of a product exceeds its production or acquisition cost.

Direct Materials Cost

The expense associated with raw materials and components directly used in the manufacturing of a product.

Activity-Based Costing

A costing method that assigns overhead costs to products based on the activities required to produce them.