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PROS:

•Quick
•Cheap
•Good for studying rare diseases or health outcome because the investigators don’t have to wait for individuals to develop the disease or health outcome of interest because they begin the study with diseased and non-diseased individuals. 

CONS:

•It is difficult for investigators to determine how long it took to develop the disease or health outcome because they began with individuals that either had or did not have the disease.
•Subject to recall bias because a diseased or high risk individual may remember past events differently than healthy individuals.
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Recommended Reading:

Gordis L (2000). Epidemiology (2nd ed.).  Philadelphia, PA: W.B. Saunders Company.