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Chapter 1: Problem 19

Briefly describe internal and external sources of data.

Short Answer

Expert verified
Internal data sources are generated within the organization and include records like sales, customer details and employee information. These are easily accessible and controlled. External data sources come from outside the organization, and include public domain data, government statistics and industry reports among others. These may require more effort to collect and validate, but can provide valuable insights that internal data cannot.

Step by step solution

01

Understanding Internal Data Sources

Internal data sources refer to the data generated inside the organization. For example, sales records, customer details, or employee information. Businesses often have a wide range of internal data, such as financial data, marketing data, and operations data. This type of data is generally easier to access, understand, and control as it is generated within the organization.
02

Understanding External Data Sources

External data sources, on the other hand, are data that originate outside of the organization. This can include data available in public domain, from governmental statistics, industry reports, surveys, competitor information, demographic data, etc. External data should be relevant to the organization's needs and can be used alongside internal data to support decision making.
03

Comparing Internal and External data sources

While both data sources are critical to the operational and strategic decisions in an organization, their differences in generation, control, accessibility, and reliability should be understood. Overall, internal data is within the control of the organization while external data is gathered from outside resources.

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