Data Mining Uses Sophisticated Statistical and Mathematical Techniques to Perform

question 7

True/False

Data Mining uses sophisticated statistical and mathematical techniques to perform what-if analyses,to make predictions,and to facilitate decision making.

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Definitions:

Profitable Market

A market segment that generates more revenue than the expenses incurred in capturing and servicing it.

Strategic Decisions

High-level choices made by top management that set the direction and overall goals for an organization, affecting its long-term sustainability and success.

Cost-leadership

A strategic approach by a company to become the lowest-cost producer in its industry for certain products or services, aiming to gain a competitive advantage.

Low Income

Describes a level of earnings that is below the average or median, often associated with economic challenges and limitations in access to resources.