Assignment task:
A new business under the name Freshly Baked Cookie Co. requires a loan from the bank to open a storefront. During the stages of building the business proposal, the company collects data through online and local research. For instance, it surveys the local neighborhood in order to help formulate an image for their target audience. The survey shows that 500 out of the 1200 people surveyed prefer cookies as their dessert of choice. It also indicates that 48% of 25-40-year-olds prefer cookies with chocolate, 30% prefer vanilla, and 22% prefer peanut butter. Accurate or dependable data is correct, reliable, truthful, and complete. It implies that data is true and free from error, representing reality. If data results are not accurate, the business would not be able to make proper decisions regarding their financial standing, making costly mistakes in potential business expansion. For instance, the company would not understand which flavors customers prefer; hence, limiting sales rates. It would also not be able to uphold their mission to sell products according to the standards of their customers. Essentially, this example of quantitative analysis suggests how a survey can help the company gather information to decide which type of products to sell. Another example of quantitative analysis that the business could use would be the company's financial data. This data will display information such as the cost of goods sold, net and gross profits. When aiming to achieve high-quality data, it is important to ensure integrity. For instance, the survey that the company conducts should use a wide pool of individuals from around the area, and the results should be reported in an unbiased manner. If the company also does not report their findings or data with integrity, it could prevent them from acquiring a loan. Essentially, these quantitative findings allow the business to make assumptions about potential sales rates and customer demands. Therefore, if data results do not have integrity, future business projections could be miscalculated.
Would the above explain what could result if data are not accurate or dependable or do not have integrity.