Question

Primary data is preferred over secondary data where:
1.time available is short
2.accuracy is important
3.sufficient finance is not available
4.much accuracy is not required

Answer 1

Primary data is preferred over secondary data where accuracy is important. (Option 2)

• The data that is obtained from the source directly is called primary.
• It is obtained first-hand and so, is accurate, real and reliable.
• The process of finding the source and collecting the data takes up a lot more time as compared to secondary data.
• It also required better financing to carry out the entire procedure.
• When accuracy is essential, primary data will be preferred as it's free of bias.

Answer 2

Primary data is preferred over secondary data where (2) accuracy is important.

Explanation:

Primary data is the data collected originally and is quite reliable. Whereas, secondary data is collected from the past and then is updated by a third party.

• Primary data is often preferred over secondary data as it is accurate and quite original.
• However, it requires a lot of finance compared to secondary data.
• Secondary data is time and cost-effective, it doesn't require that much time investment.

Thus to achieve accuracy in the research primary data is given the preference.