What Are Advanced Analytics

question 44

Multiple Choice

What are advanced analytics?

• A)Processes and manages algorithms across many machines in a computing environment.
• B)Focuses on forecasting future trends and producing insights using sophisticated quantitative methods, including statistics, descriptive and predictive data mining, simulation, and optimization.
• C)Occurs when the user goes into an emotional state of over-analyzing (or over-thinking) a situation so that a decision or action is never taken, in effect paralyzing the outcome.
• D)A business analytics specialist who uses visual tools to help people understand complex data.

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Definitions:

Conversion Costs

Costs associated with converting raw materials into finished products, which typically include both direct labor costs and manufacturing overhead costs.

Factory Overhead Costs

Indirect costs associated with manufacturing, including expenses related to running the factory but not directly traceable to individual products.

Indirect Labor Costs

The expense associated with labor that supports but does not directly contribute to the production or provision of services.

Selling Costs

Expenses related to the sale of products or services, including advertising, sales commissions, and store expenses.