Data Mining

question 123

Multiple Choice

Data mining:

• A) is a relatively new method of inventory control
• B) uses complex mathematical models to help retailers make better product mix decisions
• C) is a computerized technique for making site location decisions
• D) determines the level of quality and service desired by customers
• E) measures levels of services and identifies inadequate service

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Definitions:

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and insurance premiums.

Variable Cost

Costs that change in proportion to the level of activity or production volume, such as materials and labor.

Fixed Costs

Costs that remain constant regardless of how much is produced or sold, including expenses like rent, salaries, and insurance.

Net Income

The amount of profit that remains after all operating expenses, taxes, and costs have been subtracted from total revenue, essentially the bottom line.