Remember, a backup is just a second copy of something in case something happens to the original. In order to be thorough in your backup preparedness you need to think of what could happen to the originals and prepare a contingency for that.
So, if all you are worried about is accidental deletion of your files (or of your hard drive crashing) having copies of your files on an external hard drive, DVD or another computer (or NAS) at your house is sufficient. Obviously, this won't protect you if you get robbed or your house catches on fire. To deal with those situations you need "offsite" backup. In that case, a DVD or your files taken to, say, your office, would be plenty.
There are other issues to consider as well. How stable is your backup media? For example (and I don't know if this is true), but some people say that DVDs go bad over time. In that case, DVDs are good short-term solutions but not good for the long-term (i.e you can't put them into a safety deposit box for years and just leave them). Once again, I have just heard that but I don't know if it's true. Same goes for an external hard drive. Find out what the limitations are and deal with them.
Accidentally deleting files, a hard drive crashing or your house burning down are all risks that can be easily mitigated. There are some risks that you are just going to have to accept (or not, I guess). For example, if your town gets whacked by a nuclear bomb having a backup at your office (assuming you work in the same town you live in) will not help. But at that point you may not care anyways. But if you do, send your backups to Iron Mountain or something.
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