Applications of Big Data in the Real World Might Include

question 3

Multiple Choice

Applications of Big Data in the real world might include which of the following?

• A)Improving customer retention rates
• B)Dealing with negative word of mouth
• C)Creating personalized promotions
• D)All of these are valid applications of Big Data.
• E)Only b and c are valid examples of Big Data.

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Definitions:

Production Possibilities Frontier

A diagram that represents the maximum production potential for two or more commodities, given certain inputs like resources and workforce.

Bowed Outward

Refers to the shape of the production possibility frontier that demonstrates increasing opportunity costs as resources are reallocated from producing one good to another.

Tennis Rackets

Sporting equipment consisting of a handled frame with a open hoop where a network of strings is stretched tightly.

Production Of Socks

The manufacturing process of creating socks, involving various steps from the sourcing of materials to the final product packaging.