Answer:
Data mining refers to the ability of an organization to extract relevant information for a large reservoir of data that belong to its users for the purpose of increasing service/product efficiency.
One example of a company that requires data mining for the success of its business is Amazon. Amazon is categorized by many as an online retail giant. Their Customer-Centric approach to doing business is enhanced by their ability to leverage off historical data to reduce the time spent on resolving customer queries and/or complaints.
Generally, there are four basic data mining functions. They are:
- Prediction Function: This function allows for the owner to spot patterns in behavior and use this as a yardstick to predict for forecast other variables that will enable the increment in the quality of value offered/delivered.
- Function Description: This functionality highlights attributes of a set of data in the database
- Classification Function: This is very close to Function Description only that in this case, it helps in the creation of a model that describes the class or concept of data.
- Association Function: This functionality highlights the relationship between data
The above functions cannot be carried out by data query processing or simple statistical analysis because data mining involves the identification of patterns and relationships using algorithms whilst data query refers to the issuance of instructions in search of specific results.
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Answer:
c. cease production immediately, because it is incurring a loss.
Explanation:
When a business engages in production it looks to make profit. That is for the production price to be higher than cost incurred in producing the good.
However when the price is lower than the average variable cost as is indicated in the scenario then the firm needs to shut down production in the short term.
Factors that will adversely affect a firm in the short term are price, average total cost, and average variable cost.
Once price is less than average total cost or average variable cost it is better to stop production.
As they are incurring an economic loss
Answer: Average handle time
First contact resolution
Explanation:
Since the center manager needs to measure the productivity of the agent and the customer satisfaction, the report that should be recommended by a consultant would be the average handle time and the first contact resolution.
The average handle time shows the time taken for a transaction to be completed. This can be used to determine the productivity of agents. Also, first contact resolution can be used to determine customer satisfaction as it shows the number if queries that were successfully resolved.
The four primary functions of managers are planning, organizing, leading, and controlling. By using the four functions, managers work to increase the efficiency and effectiveness of their employees, processes, projects, and organizations as a whole.
Answer:
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