____________________ Refers to Linking Computerized Data Sources to Statistical Tools

question 63

Short Answer

____________________ refers to linking computerized data sources to statistical tools that can search for predictive relationships and trends which allow more accurate prediction of consumers' opinions and actions.

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Definitions:

Set-Up Costs

Initial expenses incurred during the establishment of a new business or production line, including equipment and installation fees.

Storage Costs

Expenses associated with keeping goods in a warehouse or storage facility until they are sold or used.

Economic Order Quantity (EOQ)

A formula that calculates the optimal order size to minimize the total costs associated with purchasing, receiving, and holding inventory.

Carrying Cost

Carrying cost includes expenses associated with holding or storing inventory, such as insurance, storage, and opportunity costs.