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:

Socially Optimal

A situation in which resources are allocated in the most efficient way from the society's point of view, maximizing total welfare.

Pollution

The contamination of the natural environment by harmful substances or energies, which can affect air, water, and land negatively and pose risks to human health and ecosystems.

Marginal Benefit

The boost in utility or enjoyment derived from the additional consumption of a unit of a good or service.

Government Intervention

Actions taken by a government to affect the economy in various ways, such as through regulations, taxes, subsidies, or direct provision of goods and services.