What Is the Major Disadvantage of Using the Data-Driven Approach

question 49

Multiple Choice

What is the major disadvantage of using the data-driven approach?

• A) More expensive than the traditional reactive approach
• B) Limited when databases are large
• C) Leads to excessive leads of possible frauds
• D) None of the above

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Definitions:

Household Survey

A data collection method typically involving a sample of residences, used to gather various statistical data regarding demographics, employment, and other pertinent characteristics of the population within the households.

Establishment Survey

A statistical survey conducting interviews or gathering data from businesses or establishments to assess economic conditions or employment trends.

Labor Demand

The quantity of labor that employers are willing to hire at a given wage rate, reflecting the demand for labor in the labor market.

Firm's Product

A firm's product is the good or service produced or offered by a business entity.