What Is Advanced Analytics

question 97

Multiple Choice

What is advanced analytics?

• A)A collection of large, complex data sets, including structured and unstructured data, that cannot be analyzed using traditional database methods and tools.
• B)Processes and manages algorithms across many machines in a computing environment.
• C)Focuses on forecasting future trends and producing insights using sophisticated quantitative methods, including statistics, descriptive and predictive data mining, simulation, and optimization.
• D)Extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information.

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Definitions:

Applied Overhead

The portion of manufacturing overhead costs allocated to individual units of production based on a predetermined rate.

Direct Labor

Direct labor refers to the wages and other costs for labor that is directly involved in the production of goods, such as assembly line workers.

Continuous Process

A production process where the input materials are continuously fed and processed to produce output, typically seen in industries like chemicals and petroleum.

Transferred-In Costs

Costs that are accumulated during the production process and then moved from one department to another within a manufacturing environment.