Saturday, August 6, 2022

Nepal Bank Career - Study Notes - Set 1: What is Data Collection? Primary & Secondary Data Definition and Differences

August 06, 2022

 What's Data Collection? 

Data collection is the procedure of collecting, measuring and assaying accurate perceptivity for exploration using standard validated ways. A experimenter can estimate their thesis on the base of collected data. In utmost cases, data collection is the primary and most important step for exploration, irrespective of the field of exploration. The approach of data collection is different for different fields of study, depending on the required information. 

In statistical analysis, collection of data plays a significant part. The system of collecting information is divided into two different sections, videlicet primary data and secondary data. In this process, the primary data is assembling data or information for the first time, whereas the secondary data is the data that has formerly been gathered or collected by others. 

The most important characteristics of the primary data is that it's original and first- hand, whereas the secondary data is the interpretation and analysis of the primary data. 


Primary Data 

Primary data is the data that's collected for the first time through particular gests or substantiation, particularly for exploration. It's also described as raw data or first- hand information. The mode of assembling the information is expensive, as the analysis is done by an agency or an external organization, and needs mortal coffers and investment. The investigator supervises and controls the data collection process directly. 

The data is substantially collected through compliances, physical testing, posted questionnaires, checks, particular interviews, telephonic interviews, case studies, and concentrate groups, etc. 

 

Secondary Data

Secondary data is a alternate- hand data that's formerly collected and recorded by some experimenters for their purpose, and not for the current exploration problem. It's accessible in the form of data collected from different sources similar as government publications, counts, internal records of the organization, books, journal papers, websites and reports, etc. 


This system of gathering data is affordable, readily available, and saves cost and time. still, the one disadvantage is that the information assembled is for some other purpose and may not meet the present exploration purpose or may not be accurate. 

 

Difference Between primary vs secondary Data

Every request data collection system, whether it's distributed as a primary or secondary system, has positive aspects and downsides. Generally speaking, secondary exploration is where utmost experimenters should begin when opening a new exploration design. Whether primary data is necessary or not, secondary exploration is a precious step in the request exploration process. 

Secondary data is worthwhile because it's generally more cost-effective than primary exploration and it provides a foundation for any design. assessing the current geography of available information before moving on to primary exploration styles can save time and plutocrat that may be better spent away. 

The main limitations of secondary data are associated with chance. Depending on the exploration questions, there may or may not be information available that provides concrete answers. However, it may be necessary to channel time and plutocrat into primary styles of exploration, If there isn't enough information from once studies. 

posterior primary data, when necessary, should be planned out precisely in advance. The purpose of primary exploration is to answer specific questions that negotiate a design’s exploration pretensions. The specific nature of answering questions acclimatized to individual requirements is one reason why primary exploration is precious. Timeline and budget restrictions may be limiting factors for primary exploration, but planning ahead is worthwhile for the precious information that this system can give. 


Comparison Chart of Primary & Secondary Data Collection

BASIS FOR COMPARISONPRIMARY DATASECONDARY DATA
DefinitionPrimary data refers to the first hand data gathered by the researcher himself.Secondary data means data collected by someone else previously.
DataIt is Real time dataIt is Past data
ProcessActually InvolvedQuick and easy
SourceSurveys, observations, experiments, questionnaire, personal interview, etc.Government publications, websites, books, journal articles, internal records etc.
Cost effectivenessExpensiveEconomical or Cheap
Collection timeLong Time & EffortShort & Quick
SpecificAlways specific to the researcher's needs.May or may not be specific to the researcher's need.
Available inRaw data formRefined & Published form
Accuracy and ReliabilityMoreRelatively less