CH5_Data Sources

What is one key risk of using internal data?

• High costs associated with accessing it

• Potential biases and limited scope

• Lack of security and reliability

• Inability to use it for business decisions

What is master data?

• All data in the organization

• Core business data that rarely changes

• Customer transaction data

• External market data

What is the main benefit of using data marketplaces?

• Free data access

• Access to a wide variety of data sources

• Simplified data storage

• Reduced security risks

What is an example of internal data?

• Social media trends

• Employee payroll records

• Government reports

• Competitor pricing data

What type of data do companies get from external sources?

• Customer transactions

• Supplier contracts

• Market research reports

• Employee performance reviews

What does a data contract define?

• Data storage requirements

• Rules for data sharing and usage

• How AI processes data

• The price of data analytics tools

What is a common issue with external data?

• It is always outdated

• It may be expensive and inconsistent

• It is more reliable than internal data

• It does not require validation

Who are the two main parties involved in a data contract?

• Buyers and sellers

• Users and administrators

• Contributors and consumers

• Owners and processors

Which of the following is NOT a key consideration in data management?

• Data quality

• Data security

• Data marketing

• Data governance

Which of the following is a key component of internal data sources?

• Social media data

• Market research

• Enterprise systems data

• Public databases