Risk analysis and management

Question 1

Financial analysis

Answer 1

The identification of financial trends and patterns over time to ensure organisations can maximise profit

Question 2

Competition

Answer 2

The ability to monitor competitors and market directions. The ability to set price strategies in a highly competitive market

Question 3

Forecasting

Answer 3

The identification of weather patterns

Question 4

Fraud detection

Answer 4

Data mining can involve identifying patterns and hence identifying any outliers.