Predictive Analytics Uses a Variety of Techniques- Such as Statistics

question 78

True/False

Predictive analytics uses a variety of techniques- such as statistics, modeling, and data mining-to analyze current and historical facts to make predictions about the future.

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Definitions:

Fixed Costs

Expenses that remain constant regardless of production or sales levels, like lease payments, wages, and coverage plans.

Variable Costs

Costs that vary directly with the level of production or sales volume, such as raw materials or commission on sales.

Fixed Expenses

Costs that do not change with the level of production or business activity.

Unit Contribution Margin

The amount by which the selling price of a unit exceeds its variable costs, indicating how much it contributes to covering fixed costs and generating profit.