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Which of the following analytical procedures are intended to enable the utilization of sophisticated statistical and other analytical software to help an organization's members develop insights about customers, processes, and markets?

A) Data mining and predictive analytics
B) Qualitative research methods
C) Financial audits and compliance checks
D) Performance appraisals and feedback sessions

1 Answer

5 votes

Final answer:

Data mining and predictive analytics use quantitative data to uncover patterns and predict future trends, which is beneficial for gaining business insights.

Step-by-step explanation:

The analytical procedures intended to enable the utilization of sophisticated statistical and other analytical software to help an organization's members develop insights about customers, processes, and markets are A) Data mining and predictive analytics. These methods include the use of quantitative data analysis, which enables the discovery of patterns, trends, and relationships within large sets of data. Unlike qualitative research methods, which rely more on in-depth interviews and thematic structures, data mining and predictive analytics utilize complex algorithms and statistical models to forecast future trends based on historical data. Therefore, these tools are vital for generating insights that can help drive strategic business decisions.

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