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:

Direct Labor-Hours

The sum of the hours spent by workers directly manufacturing a product.

Variable Overhead

Indirect production costs that fluctuate with the level of output, such as utilities or materials used in the manufacturing process.

Efficiency Variance

A measure used in cost accounting to evaluate the efficiency of resource usage, calculated as the difference between actual usage and the standard or expected usage.

Materials Price Variance

The variance between the standard cost and the actual expense of materials, calculated by multiplying the amount bought.