Prescriptive Analytics Involve Methods Used to Find Anomalies, Patterns, and Associations

question 66

True/False

Prescriptive analytics involve methods used to find anomalies, patterns, and associations in data sets with the purpose of predicting future outcomes.

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Definitions:

Market Method

A valuation method used to determine the fair value of assets and liabilities, based on their selling prices in active markets.

LIFO

Last-In, First-Out, an inventory valuation method where the most recently acquired items are recorded as sold first.

Retail Inventory Method

An accounting method used to estimate inventory cost for retail businesses by applying a constant gross margin percentage.

Gross Profit Ratio

A financial metric that measures a company's gross profit as a percentage of its revenues, indicating efficiency in using labor and supplies.