In the retail industry,____ is used to help firms to predict better customer demand and maximize sales.
A) OLAP
B) OLTP
C) OLPA
D) OLPT

Question

Quizplus · Accepted Answer

OLAP (Online Analytical Processing) is a data analysis technique used by many retail firms to analyze large amounts of data. OLAP helps retailers to identify trends and create forecasts based on current and historical data. This enables retailers to make better decisions about inventory, promotions, and pricing strategies, ultimately maximizing sales and profits. OLTP (Online Transaction Processing) is another data processing technique used in retail, but it is more focused on real-time transaction processing than analysis and forecasting. OLPA and OLPT are not commonly used terms in the retail industry.

In the Retail Industry,____ Is Used to Help Firms to Predict