Data Mining Uses Sophisticated Statistical and Mathematical Techniques to Perform

question 64

True/False

Data mining uses sophisticated statistical and mathematical techniques to perform what-if analyses,to make predictions,and to facilitate decision making.

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Definitions:

New Technologies

Recent advancements or innovations in technology that can potentially alter how businesses operate or how consumers interact with products.

Existing Markets

The current and operational markets where products or services are already being distributed or consumed.

High Barriers to Entry

Conditions that make it difficult for new competitors to enter a market, including high costs, strict regulations, or established brands.

Low Power of Suppliers

A business situation where suppliers have little control over the pricing and terms of products being supplied, enhancing the bargaining power of the purchasing company.