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sources of data Related: Importance and Limits - Meaning & Scope of S...
Data collection is a standout amongst the most essential stages in carrying on a research. You can have the best research plan in the world, however, in the event that you can’t gather the necessary data you will not have the capacity to complete your venture. Data collection is an extremely challenging work which needs exhaustive planning, diligent work, understanding, determination and more to have the capacity to complete the assignment effectively. Data collection begins with figuring out what sort of data is needed, followed by the collection of a sample from a certain section of the population. Next, you have to utilize a certain tool to gather the data from the chosen sample.
→ Sources of Data Collection
Normally we can gather data from two sources namely primary and secondary. Data gathered through perception or questionnaire review in a characteristic setting are illustrations of data obtained in an uncontrolled situation. Secondary data is the data acquired from optional sources like magazines, books, documents, journals, reports, the web and more. The chart below describes the flow of the sources of data collection.
Sources of Primary Data Collection
Primary data will be the data that you gather particularly with the end goal of your research venture. Leverage of Primary data is that it is particularly customized to your analysis needs. A drawback is that it is costly to get hold of. Primary data is otherwise called raw information; the information gathered from the first source in a controlled or an uncontrolled situation. Cases of a controlled domain are experimental studies where certain variables are being controlled by the analyst.
Sources of Secondary Data Collection
You can break the sources of secondary data into internal as well as external sources. Inner sources incorporate data that exists and is stored in your organization. External data refers to the data that is gathered by other individuals or associations from your association’s outer environment.
Examples of inner sources of data incorporate, but are not restricted only to, the following:
Statement of the profit and loss
Balance sheets
Sales figures
Inventory records
Previous marketing studies
If the secondary data you have gathered from internal sources is not sufficient, you can turn to outside sources of data collection, some outside sources of data collection include:
Universities
Government sources
Foundations
Media, including telecast, print and Internet
Trade, business and expert affiliations
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sources of data Related: Importance and Limits - Meaning & Scope of Statistics, Statistics for Economics
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sources of data Related: Importance and Limits - Meaning & Scope of Statistics, Statistics for Economics for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about sources of data Related: Importance and Limits - Meaning & Scope of Statistics, Statistics for Economics covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for sources of data Related: Importance and Limits - Meaning & Scope of Statistics, Statistics for Economics.
sources of data Related: Importance and Limits - Meaning & Scope of Statistics, Statistics for Economics for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about sources of data Related: Importance and Limits - Meaning & Scope of Statistics, Statistics for Economics covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for sources of data Related: Importance and Limits - Meaning & Scope of Statistics, Statistics for Economics.
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