What are all the important considerations for making accurate

Question

What are all the important considerations for making accurate projections?

(1) Based on the available data, we believe that the market demand for our product will increase by 20% in the next quarter.

(2) Without comprehensive market research, our projection may not account for external factors that could influence fluctuations in demand.

ID: 700339

stne · Answer

The Key word is  ALL.

(1) Based on the available data, we believe that the market demand for our product will increase by 20% in the next quarter.

Are ALL the important considerations= available data, we do not know.

INSUFF.

(2) Without comprehensive market research, our projection may not account for external factors that could influence fluctuations in demand.

We know external factors are an important consideration, however what other factors are needed to make accurate projections? We do not know.

INSUFF.

1+2

What are  ALL  the important considerations needed to make accurate projections.

(1) Available data.
(2) External factors.

Anything else? We do not know.

INSUFF.

Ans E

Hope it helped.

pierjoejoe · Answer

the problem specifically asks for ALL considerations to be made for accurate forecasts
(1) statement one tells us ONE specific consideration to make --> the projection is made on available data. are there any other consideration to be made? we don't know (NOT SUFFICIENT)
(2) statement 2 tells us ANOTHER ONE specific consideration to make --> the market research is important to make an accurate prediction. ARE THERE ANY OTHER CONSIDERATION TO BE MADE? we don't know!! (NOT SUFFICIENT)

(1)(2) we have no way of telling if ALL the considerations to be made to have an accurate prediction are listed in the the 2 statement. maybe we need a certain amount of date, maybe we need some other statistical analysis ecc..
THUS (NOT SUFFICIENT)

steffe440 · Answer

1) Giving an out projections based on the available data does nothing to assure the important considerations for making it accurate. Available data here acts as maybe a necessary condition but not a sufficient one.

2) Right so if we do not take into account for comprehensive market research we might miss out on external factors that might be important. But even if they did take into account for it, it says "our projection" so this is one projection and one projection cannot possibly give you a general statement about the important variables to consider as a general statement. And this is just external factors, what about the internal ones or other external factors, this might be necessary but it has so many flaws for it to be sufficient.

Together)
Okay now we know that there is an important internal factor (available data), but that does not mean we have all the important intern factors for it to be generalized even, and with the second statement we know of one external factor for one project which cannot be representative for a general statement.

ExpertsGlobal5 · Answer

This is not a tightly testable DS question. It is broad, open-ended, and subjective.

Statement (1) gives a projection, not considerations. 
Statement (2) gives one missing consideration, not all considerations. 
Combining the statements still does not establish all the important considerations.

The answer is clearly E.

But the  insufficiency is not elegant ; it comes from the question being too broad.

The quality of these non-Math DS questions by GMAC needs to improve...

What are all the important considerations for making accurate

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What are all the important considerations for making accurate

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