Even Though Primary Data Can Be Especially Valuable to an Individual

question 281

Multiple Choice

Even though primary data can be especially valuable to an individual firm, secondary data are often used because

• A) secondary data are much more up-to-date and tailored to a specific firm or industry.
• B) secondary data, although far more expensive, are also much more reliable.
• C) primary data are usually more costly and time-consuming to collect.
• D) primary data can be accessed by virtually anyone so the information generated loses much of its value.
• E) primary data are less fact and figure based; they are more subjective and therefore more vulnerable to misinterpretation.

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Definitions:

Significantly Equal

A term not typically used in statistics; might refer to the concept of achieving statistical significance to claim no difference or equivalence between groups.

T-test

An analytical procedure for assessing if the average scores of two separate groups are significantly dissimilar.

Null Hypothesis

A statement in hypothesis testing that proposes no significant difference or effect, serving as the default assumption to be tested against.

Probability

A measure quantifying the likelihood that certain events will occur.