Joe Is Reviewing Secondary Data His Company Collected About Seasonal

question 87

Multiple Choice

Joe is reviewing secondary data his company collected about seasonal variations in consumer spending because he is thinking about developing a new product line.The advantages of using these data include

• A) they are new and can be used to project overall demand.
• B) they can be quickly accessed at a relatively low cost.
• C) they are historical data that can be used to accurately predict future trends.
• D) they have been collected specifically for the purpose Joe is using it for.
• E) their high cost can be justified by the results.

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Definitions:

Randomness Error

An error that occurs when there is no discernible pattern or cause in the mistake or variability.

Intuition

An unconscious process of making decisions based on imagination and possibilities.

Intuition

A process of understanding or knowing something immediately, based on a person's feelings rather than facts or evidence.

Anchoring

A cognitive bias where an individual relies too heavily on an initial piece of information (the "anchor") when making decisions.