Correlation Analysis in Data Extraction and Analysis Software Could Be

question 42

Multiple Choice

Correlation analysis in data extraction and analysis software could be used to discover all EXCEPT:

• A) Correlations where none existed previously
• B) Non-existent inventory
• C) Correlations that currently exist
• D) How variables move in the same direction

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Definitions:

Forecast Error

The difference between the predicted value and the actual value observed, often used in the context of demand or sales forecasting.

Expected Profit

The anticipated monetary gain from business activities, calculated by multiplying the probability of various outcomes by their respective profits and summing the results.

Expected Understock

Anticipated situations where inventory levels are not sufficient to meet customer demand.

Trade-Offs

Situations requiring a choice between options that have different advantages and disadvantages, involving compromises.