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i was attempting this question to practice big data and big data analytics please explain the two terms and is big data analytics related to softwares?
In the answer i read a paragraph DECISION MAKING….HOW DATA analytics tools could be used to improve decision.making it says trend identified in online sales in real time could be used to determine inventory and pricing strategies ..decisions are made using automated.softwares such as if particular line is not selling very well automated softwares using algorithms are linked to companys website to.make decisions about inventory levels and pricing in response to current and predicted sales data….
I cannot understand this paragraph what are algorithms here and please expand in simple words
‘Bid data’ is fully described on page 121 onwards in our SBL notes and associated lectures.
An algorithm is ‘a process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer.’
For example, an algorithm could be the rules in a computer program which helps to identify probable bad debts by analysing payment history, receivables days, over/under credit limit etc.
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