What Is Predictive Analytics

question 281

Multiple Choice

What is predictive analytics?

• A)A world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention.
• B)Techniques that extract information from data and use it to predict future trends and identify behavioral patterns.
• C)Refers to devices that connect directly to other devices.
• D)Opportunities to change the way people purchase books.

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Definitions:

Perfectly Inelastic

A situation where quantity demanded or supplied does not change in response to any price change.

Industry Supply

The total quantity of a product or service that all firms in a particular market or industry are willing and able to sell at various price levels.

Increase in Demand

A situation where more consumers are willing and able to purchase a good or service at each possible price, leading to a shift in the demand curve to the right.

Government Raise

An increase in government revenue, often achieved through raising taxes or adjusting fiscal policies, to support government spending.