Question
A company notices a sudden spike in product returns
during a specific quarter. Which type of analysis should be conducted to identify the root cause and predict future occurrences?Solution
Diagnostic analysis investigates the root causes of observed trends or anomalies. In this case, it can identify why returns spiked by analyzing factors like product quality, customer feedback, or shipping delays. Understanding the cause helps mitigate future occurrences. Option A : Descriptive analysis summarizes data but doesn’t identify causes. Option C : Prescriptive analysis provides recommendations but requires prior diagnostic insights. Option D : Predictive analysis forecasts trends without focusing on root causes. Option E : Sentiment analysis evaluates opinions and is less relevant to identifying causes of returns.
Which numerical method approximates the definite integral of a function by dividing the area under the curve into trapezoids?
In numerical computing, what type of error occurs when a continuous function is approximated by a discrete sum or a finite number of terms?
Which statistical measure quantifies the average squared deviation of each data point from the mean?
The Newton-Raphson method is an iterative technique primarily used for:
The "standard deviation" is the square root of which other statistical measure?
What does a p-value less than a significance level (e.g., 0.05) typically indicate in hypothesis testing?
Which type of data can be ordered, but the differences between values are not meaningful (e.g., satisfaction ratings: "Good," "Better," "Best")?
