Which of the Following Best Describes What Prescriptive Analysis Is

question 11

Multiple Choice

Which of the following best describes what prescriptive analysis is?

• A) To recommend the best course of action among the firm's various options.
• B) To predict a future outcome with some degree of confidence.
• C) To understand the current context.
• D) None of the above.
• E) Both B and C are correct descriptions of Descriptive analysis

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Definitions:

Interval of Random Numbers

A range within which any number has an equal chance of being selected during a random selection process.

Average Demand

The mean amount of a product or service consumed or requested by customers over a specific period.

Cumulative Probability

The likelihood of an event happening up to a certain point, calculated by summing the probabilities of the event and all occurrences before it.

Interval of Random Numbers

A range within which random numbers can be generated, often used in simulations and probabilistic analyses.