Which of the Following Is an Advantage of Secondary Data

question 124

Multiple Choice

Which of the following is an advantage of secondary data collection?

• A) It always provides data that is specific to immediate needs.
• B) It requires sophisticated training and hence is always accurate.
• C) It offers in-depth consumer behavioral insights.
• D) It guarantees information without bias.
• E) It saves time and effort in collecting and analyzing.

Identify the factors considered in setting credit standards for customers.

Grasp the methodology and significance of Days Sales Outstanding (DSO) analysis in monitoring customer payments.

Understand the scope and challenges of working capital management, including current assets and liabilities.

Acknowledge the cost and complexity of the collection process in business operations.

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Definitions:

Alpha (α)

In hypothesis testing, the threshold probability for incorrectly rejecting the null hypothesis, representing the level of significance of the test.

Beta (β)

In statistics, it often represents the probability of committing a Type II error, or in regression, it denotes the slope coefficients representing the change in the dependent variable for a one-unit change in the independent variable.

Hypothesis

A hypothesis is a proposed explanation or assumption for a phenomenon or a relationship between variables that can be tested through research and experimentation.

Null Hypothesis

The null hypothesis is a statement in statistics that suggests no significant effect or relationship exists in the population; it is the hypothesis that a statistical test aims to disprove.