A Predictive Model Is Defined as an Approach to Prediction

question 29

Multiple Choice

A predictive model is defined as an approach to prediction that:

• A) relates the conditions expected to be in place influencing the factor that is being predicted
• B) observes a consistent pattern over time
• C) identifies a pattern and projects it into the future
• D) uses past experience to predict the future
• E) uses current experience to explain the past

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Definitions:

Empathy

The ability to understand and share the feelings of another, essential in building effective interpersonal relationships and crucial in service-oriented industries for understanding customer needs.

Tangibles

Physical items or goods that can be seen, touched, and possessed, as opposed to services or digital products.

Knowledge Gap

A type of service gap; reflects the difference between customers’ expectations and the firm’s perception of those expectations.

Service Standards

Benchmarks for the quality of customer service that organizations aim to meet or exceed in their operations.