Which mathematical model is most commonly used by retailers to calculate Customer Lifetime Value (CLV) when considering the probability of customer retention over time?

In the world of retail analytics, mathematical models drive decision-making across various business aspects. The integration of advanced statistical methods has revolutionized how retailers understand consumer behavior and optimize their operations. This poll tests your knowledge about a significant mathematical technique that transformed how retailers analyze customer value over time.

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Markov Chain model
Pareto/NBD (Negative Binomial Distribution) model
Bayesian Network model
Monte Carlo simulation model