Search results for keyword: predictions
geographic information system
Introduction
Geographic Information Systems (GIS) refer to computer-based systems used to collect and manipulate spatial data, to store and analyze this data, and to produce visuals for the user. GIS is usually used to assist in the decision-making process, by providing an easy way to analyze and......
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Sophie
bayes rule
Introduction
Bayes theorem, named after the Reverend Thomas Bayes (1702–1761), is a mathematical theorem used to calculate the probability of an event based on its related events. Bayes theorem has many uses in the fields of probability, statistics, cryptography, and artificial intelligence both......
Bayesian Decision Theory
Introduction
Bayesian decision theory (BDT) is a mathematical framework that is used to make decisions with the aim of maximizing expected utility. It is the application of Bayesian probability to the domain of decision-making. The theory assigns probabilities to each action to be undertaken and ......
Bayesian predictive model
Introduction to Naive Bayes Clasification
Naive Bayes classification is a popular machine learning classification technique based on Bayes’ theorem. It is a supervised learning algorithm that can be used for binary as well as multi-class classification. Essentially, the Naive Bayes algorithm cons......
Procurement Forecast
Introduction
Purchasing forecasting is an important tool in business, as it helps organisations make better decisions when considering what products or services to buy in the coming weeks or months. It also allows organisations to plan for potential changes in trends and can help them balance sup......
ratio analysis
Introduction
Ratio analysis has always been one of the most important components of financial analysis and decision making. A good financial manager must understand the importance of financial ratios and how to use them properly. This document will explain how to calculate, interpret, and use fin......
Ratio Forecasting
Growth-share matrix (also known as the product portfolio matrix, Boston Box, BCG-matrix, Boston Matrix, Boston Consulting Group analysis, portfolio diagram) is a method for evaluating the strategic importance of business units. Developed by the Boston Consulting group in the early 1970s, the metho......
sampling inspection
Introduction
The purpose of sampling is to draw conclusions about a large population by looking at a subset of that population. Sampling is used in a variety of fields and serves a variety of different purposes. In the scientific community, sampling techniques are used to determine the accuracy o......
Financial Distress Forecast
Introduction
Financial difficulties are a common occurrence that affect many individuals, businesses, and organizations around the world. While financial difficulty often brings with it worry and stress, it is important to understand that financial difficulties need to be managed in order to prev......
average cost
Average Cost
The average cost of an item or service refers to the total cost divided by the number of units or services provided. This helps to determine the average value of a certain product or service in order to analyze the competitiveness, profitability, and cost-effectiveness of utilizing s......
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