Business decisions depend on reliable data. Data collection is the first and most important step in statistical study because the final results depend on the accuracy and relevance of data. Data can be collected from primary sources (first-hand) or secondary sources (already available). Many business studies use sampling to save time and cost. A well-designed questionnaire helps collect correct and unbiased responses. This topic explains sources, methods, sampling and questionnaire basics for exam answers.
Data collection is the process of gathering required information (facts and figures) for a specific statistical investigation.
Secondary sources include:
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Business decisions depend on reliable data. Data collection is the first and most important step in statistical study because the final results depend on the accuracy and relevance of data. Data can be collected from primary sources (first-hand) or secondary sources (already available). Many business studies use sampling to save time and cost. A well-designed questionnaire helps collect correct and unbiased responses. This topic explains sources, methods, sampling and questionnaire basics for exam answers.
Data collection is the process of gathering required information (facts and figures) for a specific statistical investigation.
Secondary sources include:
Sampling is the process of selecting a representative subset (sample) from a population to estimate population characteristics.
A questionnaire is a set of written questions used to collect information from respondents.
Features of a good questionnaire:
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Primary and secondary data differ as follows:
(Any three points can be written.)
Methods of collecting primary data include:
(Any three methods can be written.)
Data can be collected from two main sources: primary and secondary.
Primary data are collected first-hand by the investigator for the specific purpose of the study (through survey, interview, observation, questionnaire, etc.). Secondary data are already collected by someone else and are available in published or unpublished form (government reports, company records, journals, websites).
Primary data is more suitable when accurate and specific information is required. Secondary data is useful for background study, trend analysis and preliminary research.
Thus, the choice depends on time, cost, purpose and availability of reliable data.