Why Is Data Collection So Important? Explain

question 7

Essay

Why is data collection so important? Explain.

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Definitions:

Basic and Applied Research

Fundamental scientific exploration aimed at gaining knowledge and understanding, and its practical application to solve specific problems, respectively.

Percentage

A proportion or share in relation to a whole, expressed as a fraction of 100.

Innovation

The process of creating new ideas, products, or methods, including the improvement of existing ones, to meet new requirements or market needs.

Product Innovation

The development of new or significantly improved goods or services to meet consumer needs or open new markets.