What Uses Techniques That Extract Information from Data and Use

question 198

Multiple Choice

What uses techniques that extract information from data and use it to predict future trends and identify behavioral patterns?

• A) Business analytics.
• B) Descriptive analytics.
• C) Prescriptive analytics.
• D) Predictive analytics.

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Definitions:

Minimax Regret Strategy

A decision-making strategy aimed at minimizing the maximum potential regret for the worst-case scenario outcome.

Opportunity Loss

The loss of potential gain from other alternatives when one alternative is chosen.

Average Payoff

The mean or expected outcome that results from all possible outcomes of a certain situation or game, weighted by their probabilities.

ARM

Acronym for Advanced RISC Machines; a family of reduced instruction set computing (RISC) architectures for computer processors.