A manager has the task of collecting and analyzing data that will help the firm decide where to locate its international operations.Which of the following BEST describes how the manager should handle this task?
A)conduct extensive research, regardless of the expense, in order to avoid costly mistakes
B)compare the costs of data collection with the probable payoff it will generate for the firm
C)continue data gathering until all data have been collected, regardless of how long this takes
D)focus all data collection on governmental resources because they have the highest reliability

Question

Quizplus · Accepted Answer

The manager should balance the cost of data collection with the expected benefit or payoff for the firm. Conducting extensive research regardless of the expense may not be financially feasible or necessary, and continuing data gathering indefinitely may delay decision-making without offering any significant advantage. Relying solely on governmental resources may not provide a comprehensive picture of all options available, as other sources of information should also be considered. Therefore, the best approach is to conduct cost-benefit analysis for data collection and prioritize sources of information based on their reliability and relevance to the decision at hand.

A Manager Has the Task of Collecting and Analyzing Data