When an Organization Must Decide on Optimization and Simulation Tools

question 31

Multiple Choice

When an organization must decide on optimization and simulation tools to make things happen it is using:

• A) predictive analytics.
• B) descriptive analytics.
• C) prescriptive analytics.
• D) comparative analytics.

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Definitions:

Income

Money received, especially on a regular basis, for work, through investments, or from any other source.

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Substitution Price Elasticity

A measure of how much the quantity demanded of one good responds to a change in the price of another good, indicating the degree to which these goods are substitutes.