Which of the following aspects of the contemporary business environment involves using statistical methods such as regression or correlation analysis to predict consumer behavior, to measure customer satisfaction, or to develop models for setting prices, among other uses.
A)Business Intelligence
B)Target Costing
C)Life Cycle Costing
D)Benchmarking
E)Business Process Improvement

Question

Quizplus · Accepted Answer

Using statistical methods such as regression or correlation analysis to predict consumer behavior, measure customer satisfaction, or develop models for setting prices falls under the umbrella of Business Intelligence, which involves gathering and analyzing data to make strategic business decisions. Target Costing involves setting a target cost for a product or service and working backwards to determine how it can be achieved, while Life Cycle Costing involves analyzing the costs of a product or service over its entire life cycle. Benchmarking involves comparing an organization's performance to industry best practices, and Business Process Improvement focuses on improving processes within an organization to increase efficiency and effectiveness. Therefore, A is the best choice for the given aspect of the contemporary business environment.

Which of the Following Aspects of the Contemporary Business Environment