Answer:
A. business rule is a long, precise, and unambiguous description of a policy, procedure, or principle within a specific organization.
Explanation:
The business rule defines that every organization should run in the long term by applying the rules and regulations, and accurate the details in a proper manner with the help of the hierarchy level and work should be done accurately by planning, organization, staffing directing and controlling.
Every company should follow principle, policies or procedures within the organization. So, the company should follow the business rules so that the work can go in a smooth manner.
Answer:
The common problem i encounter mostly is the statistical modelling problem.
In this scenario we choose best combination of independent variables for the hypothesis testing. the independent variable shows the significant effect on dependent variable so we keep it in modelling.
My null hypothesis would be that there is no significant effect of independent variable on dependent variable. for my alternative hypothesis there exist is significant effect of independent variable on dependent variable.
Explanation:
Solution
The common problem I face daily is the statistical modelling problem which is the selection of relevant independent variable for prediction modelling.
In this example to select the best combination of independent variables we use hypothesis testing. if the independent variable has significant effect on dependent variable then the independent variable shows the significant effect on dependent variable so we keep it in modelling. In this way the model gets improved.
Since there are always two variables or two categories. hence it has a two sample test.
The Hypothesis can be shown below:
Null hypothesis:
H0:There is no significant effect of independent variable on dependent variable.
Alternative hypothesis:
Ha: There is significant effect of independent variable on dependent variable.
Answer:
being in short supply of something
Answer:
Economic Dimension
Explanation:
Economic dimension implies that the effect of economic factors on a particular circumstance which a company faces are taking into consideration while making a decision.
In the question, the three economic factors mentioned to be considered by the company as part of the economic dimension are Consumer Price Index, manufacturing and retail inventory levels, and consumer confidence measures.
The Consumer Price Index (CPI) measures the weighted average of prices of a basket of commodities like cloth, food, transportation, etc. This is calculated as average of the changes in prices of the chosen basket of goods and services.
Manufacturing inventory are raw material or work-in-progress items kept in stock to produce goods, while retail inventory are the finished goods kept in stock to be sold.
Consumer confidence measure can also be referred to as the Consumer Confidence Index (CCI) and it is the level of assurance which consumers display about general economic condition in a country through the way they spend or save.
How a company monitor and prepare for each of the three factors will determine its success or failure.
Answer:
Challenge
- Quality Issues
- Lack of Documentation
Risk
- Loss of Confidentiality
- System Unavailability
Reward
- Increased Quality
- Reduced Cycle
Explanation:
A challenge is something that test you and your business. The are temporary obstacles that you have to surpass in order to be successful.
Business Risk means the possibility of loss or any adverse condition that may severely damage the organization's ability to achieve its goals and objectives.
Reward means a positive outcome that has happened because of productive decision making and effective management.
