There are eight levels of information that can be generated from data. Which of
ID: 3353334 • Letter: T
Question
There are eight levels of information that can be generated from data. Which of the following events is most related to the application of Predictive Modelling in an inventory management system?
Predictive Modeling Taking the forecasting concept one step further and expanding beyond time-related forecasts, predictive modelling generates future predictions for individual records. Unlike forecasting, prediction deals with individual events rather than overall trends. Another distinction between forecasting and predictive modelling is that forecasting looks at measurements over time and generates future forecasts. Predictive modelling looks at measurements of many records at a single point in time, and uses those to generate predictions for new records.
1. The need to identify parts in a store that are likely to run out of stock.Explanation / Answer
Solution
(3) The need to know when the stock level of a part goes below a certain threshold.
a model might trigger the creation of new purchase orders when inventory falls below a certain threshold. Or, a model might detect fraudulent transactions and recommend actions based on the characteristics of the transaction
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.