Which of the following techniques involves the study and consolidation of historical data for a business and an industry?
A)descriptive analytics
B)prescriptive analytics
C)predictive analytics
D)management science
E)operations research

Question

Quizplus · Accepted Answer

Descriptive analytics involves the analysis and consolidation of historical data to identify patterns and gain insights into business performance and industry trends. It focuses on understanding what has happened in the past and providing a clear picture of the current state of affairs. Prescriptive analytics, on the other hand, uses data, algorithms, and machine learning models to provide actionable recommendations for improving business performance. Predictive analytics involves forecasting future outcomes based on historical data and statistical analysis. Management science and operations research are broader fields of study that involve the application of mathematical models and optimization techniques to solve business problems.

Which of the Following Techniques Involves the Study and Consolidation