What type of analytics seeks to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible? domain predictive prescriptive descriptiveWhat does the robustness of a data mining method refer to? its ability to construct a prediction model efficiently given a large amount of data its speed of computation and computational costs in using the mode its ability to overcome noisy data to make somewhat accurate predictions its ability to predict the outcome of a previously unknown data set accurately

Analytics which involves predictions based on historical and current data is known as predictive…

Answered: What type of analytics seeks to…

What type of analytics seeks to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible? domain predictive prescriptive descriptive

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.4: Multiple Regression Models

Problem 16P: Suppose that a regional express delivery service company wants to estimate the cost of shipping a...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

What type of analytics seeks to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible?

		domain
		predictive
		prescriptive
		descriptive

What does the robustness of a data mining method refer to?

		its ability to construct a prediction model efficiently given a large amount of data
		its speed of computation and computational costs in using the mode
		its ability to overcome noisy data to make somewhat accurate predictions
		its ability to predict the outcome of a previously unknown data set accurately

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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