types of data Flashcards

1
Q

qualitative

A

non-numerical data, inclusion opinions or written responses.

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2
Q

quantitive

A

numerical data, such as figurers and statistics. More easily analysable

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3
Q

primary research

A

information collected first-hand by a business for a specific purpose.

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4
Q

secondary research

A

collected from another source

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5
Q

initial feasibility study

A

conducted to inform the owner of the things they must consider when starting the business and the potential risks involved.

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6
Q

market feasibility

A

using market research to determine whether the venture has the potential to be successful in the long run

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7
Q

operational feasibility

A

whether the business will have access to the resources required. eg. skilled employees, equipment, supplies.

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8
Q

commercial feasibility

A

a) can the entrepreneur afford the setup

b) is the industry in a position to support the opening of the venture.

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9
Q

technical feasibility

A

owner having the right skill set to start and operate the business.

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10
Q

legal feasibility

A

understanding the legal framework of the industry and ensure its business model fits within it.

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