For a particular job, your 4 sources of market data show average yearly salaries of $56,000, $83,000, $49,000, and $61,000. All of the following were suggestions for dealing with this outlying data point EXCEPT:

The correct choice is based on the importance of understanding data before making decisions about it. When analyzing market data, especially salary information, it is crucial to consider all data points, including outliers. Discarding an outlier without understanding its context could lead to a misrepresentation of the overall data set. The outlier may have valid reasons for its inclusion, such as differences in job responsibilities, geographic location, or the level of experience required for the job in question.

Taking time to investigate the reasons behind the outlier not only helps in validating the data but also ensures a more accurate understanding of the market. This aligns with sound data analysis practices, where context and credibility of each data source are critical for drawing reliable conclusions.

On the other hand, immediately discarding the outlier without consideration overlooks the principles of data integrity and can significantly impact decision-making, potentially leading to an unfair or incorrect assessment of salary standards in the market.