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Which of the following are external sources of data.
i. Government statistics.
ii. The Financial Times.
iii. Data collected for a survey which was commissioned in order to determine whether the company should launch a new product.
iv. Historical records of expenditure on light and heat in order to prepare current forecasts.I chose the option of (i), (ii) & (iii) but was told the answer is (i) and (ii) only. Is option 3 not an External source of data?
It is because the company collected the data specially for itself (they commissioned the survey).
Options (i) and (ii) are using data that was collected by others – not specifically for this company.
But that sounds more like the definition of Secondary Data. I thought an External source of data was just data collected from sources outside of/external to the company like customers and suppliers. Option 3 mentioned a survey that I assume was done to people outside of the company.
External in this context means information that was not collected for the specific purposes of the company. Here, the company itself collected the data.
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