Vews on information sources

• Surveys as sources Resource

Surveys can be either Secondary or First hand information depending on who collected them, Secondary is if someone else collected the information and you cannot completely rely on that data just in case it is wrong, there might be anomlese, for example someone missed a question.

It is a good source if you know where the information came from and you have taken out any errors, it can be relied upon more if you collected it yourself (or your company).

• Sensors as sources Resource

These are highly reliable unless there is a malfunction but the degree of reliability drops as the quality of the equipment drops, but you will need to take the tests more than once to get more accurate data.

Very good if you can record and use the data for what you are doing, in QwikFeet's example, this is not a good choice because you cannot collect data about shoes by sticking a probe into the sole.

• The internet as a source Resource

This can be very unreliable, everyone can post things here, look what I am doing, do not believe everything you read here. (The world will end tomorrow at 4 o'clock!)

Stear clear from this.

Fixed and Variable costs

Fixed costs are things such as the premesis hire or the amount you pay your staff. A business definition is the costs that you pay monthly, quarterly or yearly that do not change.

Variable costs are the costs that change with how many products you produce, the more you produce the more costs you have but the lower the cost per item there is.

For example if you sell 5 widgets with fixed costs of £2.00 and a total fixed cost of £1000 that means that it is 5*£2.00=£10.00
£1000/5=£200
£200+£2.00= £202.00 per item with a total cost of £1010 but if you make 10 items the total cost per item would be:

£10*£2.00=£20.00
£1000/10=£100
£100+£2.00=£102.00 per item with a total cost of £1020.00