In Which of the Following Scenarios Would You Most Strongly

question 21

Multiple Choice

In which of the following scenarios would you most strongly recommend using quantitative research?

• A)When the objective is to identify new ideas and thoughts for a product.
• B)When you have very limited time to execute the study.
• C)When the objective is to understand hidden underlying psychological processes.
• D)When the objective is to validate and estimate strength of a relationship.
• E)When you have access to small samples.

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Definitions:

Quantitative Analysis

The use of mathematical and statistical methods to evaluate financial and operational information for decision-making.

Sunk Costs

Costs that have already been incurred and cannot be recovered, and therefore should not influence future business decisions.

Opportunity Costs

The cost of the next best alternative that is foregone when a decision is made.

Unitising Costs

The process of breaking down costs into smaller, individual pieces or units to better analyze and manage them.