Describe OLAP, and Explain What a Data Cube Is

question 45

Short Answer

Describe OLAP, and explain what a data cube is.
Section reference 1: Business Intelligence Applications for Data Analysis

Understand the significance of pooled variance in estimating standard errors.

Acknowledge normality and sample size requirements for the approximation of normal distribution in sampling.

Distinguish between the requirements of equal and unequal variances in hypothesis testing.

Comprehend the estimator of the difference between two population means.

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Definitions:

JIT

Just-in-Time is a management strategy that aligns raw-material orders from suppliers directly with production schedules, aiming to reduce inventory costs.

Setup Costs

Setup Costs are the expenses incurred to prepare equipment, machinery, or systems for a manufacturing process or a batch of production.

Inventory

Represents the goods and materials that a business holds for the ultimate goal of resale, production, or utilization in manufacturing.

Basic Commodities

Products or raw materials that are fundamental to an economy or production process, often with minimal processing or refinement.