What Focuses on Forecasting Future Trends and Producing Insights Using

question 351

Multiple Choice

What focuses on forecasting future trends and producing insights using sophisticated quantitative methods, including statistics, descriptive and predictive data mining, simulation, and optimization?

• A)big data
• B)distributed computing
• C)advanced analytics
• D)data scientist

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Definitions:

Too Many Rivals

A market situation where there are too many competitors, often leading to reduced prices and profit margins.

Patent Protection

Legal rights granted to inventors to exclusively produce, use, or sell their invention for a certain period of time.

Market Approval

The official authorization for a product to be sold in a specific market, often referring to regulatory approval for pharmaceuticals or medical devices.

Substitute Products

Goods or services that serve as alternatives to others, offering consumers options when making purchase decisions.