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Questions and Answers
What has led to an abundance of data for businesses to use?
What has led to an abundance of data for businesses to use?
- Technological advances in data analysis
- An increase in business operations
- An increase in customer demand
- Technological advances in data collection (correct)
What are businesses using analytical methods for?
What are businesses using analytical methods for?
- To expand their operations
- To improve efficiency and profitability (correct)
- To decrease competition
- To increase customer demand
What has enabled businesses to solve big problems faster and more accurately?
What has enabled businesses to solve big problems faster and more accurately?
- An increase in customer demand
- An increase in storage capability
- Advances in computational approaches (correct)
- An increase in business operations
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Study Notes
- Technological advances in data collection have led to an abundance of data for businesses to use.
- Businesses want to use data to improve operations, understand customers, and gain a competitive edge.
- Ongoing research has resulted in methodological developments for analyzing data.
- These developments include advances in computational approaches, faster algorithms, and better data visualization.
- Methodological developments were paired with an explosion in computing power and storage capability.
- Better computing hardware, parallel computing, and cloud computing have enabled businesses to solve big problems faster and more accurately.
- Analytical methods are being used to improve efficiency and profitability in businesses.
- Analytical methods are being used to better understand customers and price products more effectively.
- Analytical methods are being used to gain a competitive advantage.
- The use of analytical methods in business applications has experienced explosive growth.
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