What are the two principal sources of data for a businessperson? From which source would you expect the data to be more accurate? More expensive? More easily obtained?

Question

Quizplus · Accepted Answer

The Answer is The two principal sources of data for a businessperson are primary data and secondary data.

Primary data is collected directly from the source, such as through surveys, interviews, or observations. This type of data is more accurate because it is collected specifically for the business's needs and is not influenced by any other sources.

Secondary data, on the other hand, is data that has already been collected by someone else for a different purpose. This could include industry reports, government statistics, or academic research. While secondary data is less accurate because it was not collected specifically for the business's needs, it is often more easily obtained and less expensive than primary data.

In summary, primary data is more accurate but can be more expensive and difficult to obtain, while secondary data is less accurate but more easily obtained and less expensive.

What Are the Two Principal Sources of Data for a Businessperson