New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which data collection method is best suited for

    obtaining real-time data from a third-party application?
    A Surveys Correct Answer Incorrect Answer
    B Web scraping Correct Answer Incorrect Answer
    C APIs Correct Answer Incorrect Answer
    D Databases Correct Answer Incorrect Answer
    E Manual entry Correct Answer Incorrect Answer

    Solution

    APIs (Application Programming Interfaces) are the most efficient method for collecting real-time data from third-party applications. They enable applications to interact and share data seamlessly through defined endpoints. For example, financial institutions use APIs to retrieve live stock market prices or transaction data in real-time. APIs are highly scalable, flexible, and can integrate with automated systems to minimize manual effort. Furthermore, APIs often include robust security measures such as authentication tokens and encryption, ensuring secure and reliable data transfer. The ability to fetch data dynamically and integrate it directly into analytical systems makes APIs indispensable in modern data collection practices. Why Other Options Are Incorrect: • A: Surveys collect data from individuals or groups and are time-consuming, not suitable for real-time needs. • B: Web scraping is useful for extracting data from websites but lacks real-time integration and may violate terms of service. • D: Databases store data but do not inherently provide mechanisms for real-time collection from external applications. • E: Manual entry is labor-intensive, prone to errors, and unsuitable for real-time data acquisition.

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