Which Kind of Data Is the LEAST Expensive to Collect

question 49

Multiple Choice

Which kind of data is the LEAST expensive to collect?

• A) L
• B) S
• C) I
• D) B

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Definitions:

Simulation

The use of a computer model to replicate the behavior of complex systems in order to study their properties or predict outcomes under different scenarios.

Risk Analysis

The process of identifying potential risks, quantifying their impact, and developing strategies to manage and mitigate them, especially in business and projects.

Uncertainty

The state of being unsure or having doubts, often quantifiable in finance and science.

Output Variable

The variable in a study or model that represents the result or outcome of interest, influenced by input variables.