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common example is a policiy that determines the best cross-sell option based upon a whole series of analysis of data which we call rulesets. It is number crunching that is executed on the fly, and comes out with a result. Policies can also be government regulations.
Explanation: Although I agree with DPolice, I think that "en temps réel" is best rendered by such expressions as "in real time" or "straight-through processing" and the like. On the fly seems sort of more down-to-earth, everyday, "slangish" way of putting it...