Which mathematical model revolutionized retail customer lifetime value (CLV) calculations by treating customer retention as a probabilistic process rather than a deterministic one?

In the competitive retail landscape, sophisticated mathematical models have transformed how businesses forecast customer behavior. Predictive analytics combines statistical algorithms, machine learning, and data mining techniques to analyze historical data and make predictions about future events. This poll tests your knowledge about a groundbreaking mathematical approach that revolutionized retail customer lifetime value calculations.

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Pareto/NBD (Negative Binomial Distribution) Model
Markov Chain Monte Carlo (MCMC) Model
Bass Diffusion Model
Lotka-Volterra Competition Model