Data Mining Is the Application of Mathematical and Statistical Techniques

question 20

True/False

Data mining is the application of mathematical and statistical techniques to find patterns and relationships that can be used to classify and predict.

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Definitions:

Machine-Hours

A measure of production output or activity, where one machine-hour equals one hour of operation of a machine.

Assembly Department

An area in a manufacturing plant where parts are put together to form the end products.

Overhead Rate

A calculated rate used to allocate overhead costs to products or services, usually determined by dividing total overhead costs by an allocation base.

Predetermined Overhead Rate

A rate used to apply manufacturing overhead to products or job orders, calculated based on the estimated costs and activity levels before the period begins.