In the Patent Analysis Case Study, Text Mining of Thousands

question 64

True/False

In the patent analysis case study, text mining of thousands of patents held by the firm and its competitors helped improve competitive intelligence, but was of little use in identifying complementary products.

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Definitions:

Sum of Squares

A measure used in statistics to describe the variability of data points around the mean or another value.

Forecasting Models

Quantitative and qualitative models used to predict future data points, trends, or patterns, based on historical and current data.

Absolute Deviation

The absolute difference between each data point in a set and a point of central tendency, often the mean or median.

Autoregressive Model

A statistical model for analyzing time series data that uses the dependent relationship between an observation and a number of lagged observations.