What Is Advanced Analytics

question 240

Multiple Choice

What is advanced analytics?

• A)A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools.
• B)Processes and manages algorithms across many machines in a computing environment.
• C)Focuses on forecasting future trends and producing insights using sophisticated quantitative methods, including statistics, descriptive and predictive data mining, simulation, and optimization.
• D)Extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information.

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Definitions:

Break-even Point

The point at which total costs and total revenue are equal, meaning a business is not making a profit but also not incurring any losses.

Marginal Cost

The rise in overall expenses associated with the production of an extra unit of a good or service.

Marginal Revenue

The additional income generated from selling one more unit of a good or service, crucial in determining the most profitable level of production.

Average Total Cost (ATC)

The sum of all the production costs divided by the quantity of output produced, representing the per unit cost of production.