BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tactical Decision
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Simulation Optimization
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Pivot Chart
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Data Security
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Detailed explanation-1: -A Monte Carlo simulation is used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables. It is a technique used to understand the impact of risk and uncertainty.
Detailed explanation-2: -Descriptive analytics is the process of using current and historical data to identify trends and relationships.
Detailed explanation-3: -Simulation consists in building a digital replica (a model) of the system under study with as much detail in each of its elements as required, in such a way that it allows observing the expected behaviour of the system against different configurations.
Detailed explanation-4: -Prescriptive analytics is the most complex type of analytics.