describe different data sources, explaining their usefulness and disadvantages.
Answers
Answer:
Some common advantages of primary data are its authenticity, specific nature, and up to date information while secondary data is very cheap and not time-consuming. Primary data is very reliable because it is usually objective and collected directly from the original source.
Explanation:
Data sources - Data is an processed information. For an organisation Data are vital and back bone. It is necessary from fund allocation thro' marketing strategy planning till customer feedback analysis. So relevant data must be collected from right sources at right time to make right decision Two types - Primary and secondary Primary data - these are collected first hand information - using observation, survey or experiment 1. Observation data - here an event or person is observed for relevant information pertaining to the issue/problem advantage - 1. first hand & reliable 2. less biased limitations - 1. time consuming 2. costly 3. not complete - chance of missing in observation high 2. Survey data - gathering data by asking questions to relvant people advantage - 1. simple 2. Reliable 3. fast 4. easy to analyse 5. adequate information 6. low cost limitation - 1.human bias 2. inability to recollect 3. symantec errors 4. unwillingness 3. Experimental data - here data are collected by conducting experiments by various designs like randomised , block , case control etc., advantage - 1. highly reiable 2. can be used to make decision 3. all variables are accounted limitaion - 1. time consuming 2. costly 3. missed variables may alter outcome Secondary data - here information relavant to the issue is ccollected from other sources - Two types - internal and external 1. Internal - here information is collected within organisation eg- sales report , stock report , accounting.