The Mathematical Results of Business Analytics Are Used to Automate

question 33

True/False

The mathematical results of Business Analytics are used to automate decision making and eliminate the decision maker.

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Definitions:

Time Compression

Techniques or strategies aimed at reducing the time needed to complete processes or activities, thereby increasing efficiency.

Trial and Error

A problem-solving method involving repeated, varied attempts which are continued until success, or until the practicer stops trying.

Monte Carlo Analysis

A computerized mathematical technique that allows people to account for risk in quantitative analysis and decision making.

Simulated Service

A technique in service design where a service is tested using simulations to identify potential issues and improvements before actual implementation.