The Use of Statistical Techniques and Algorithms Based on Patterns

question 96

Multiple Choice

The use of statistical techniques and algorithms based on patterns of past behavior to predict future buying behavior is called

• A)demand analysis.
• B)predictive modeling.
• C)competitive intelligence.
• D)ethnographic research.
• E)machine learning.

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Definitions:

Prevention Cost

Costs incurred to prevent defects in products or services, including training, quality control, and equipment maintenance.

Internal Failure Cost

Costs associated with defects found before a product or service is delivered to the customer, such as scrap and rework expenses.

Value-Added Activity

An activity that is needed to meet customer requirements.

Preventive Maintenance

Preventive maintenance involves regularly scheduled inspections, service, and repairs of equipment and facilities to prevent unexpected breakdowns and extend their useful life.