Predictive Analysis Uses Sophisticated Algorithms That Can Be Designed to Sift

question 39

Multiple Choice

Predictive analysis uses sophisticated algorithms that can be designed to sift through data and identify ________.

• A) patterns of behavior
• B) outlier
• C) average statistics
• D) minimum and maximum statistics

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Definitions:

Lot-For-Lot

An inventory policy where the order quantity is set to match the exact demand for the coming period, minimizing holding costs.

Setup Cost

Setup cost is the expense incurred to prepare equipment, machines, or systems for a manufacturing run or production operation.

Inventory Holding Cost

The total cost associated with storing unsold goods, including warehousing, depreciation, insurance, and opportunity costs.

EOQ Lot-Sizing

An inventory management approach that determines the optimal order quantity to minimize total inventory costs, including ordering and holding costs.