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.

---

Definitions:

Share-Of-Wallet

A marketing term referring to the amount of the customer's total spending that a business captures in the products and services that it offers.

Production Costs

The total expenses incurred in the manufacturing of a product, including materials, labor, and overhead.

Customer Loyalty Rate

A metric that measures the proportion of customers who repeatedly purchase from a brand over a specific period, indicating their loyalty.

Market Share

The percentage of total sales in an industry generated by a particular company, indicating its size and competitiveness in the market.