Data is very useful source of information for business and its collection process is done by business statistics . In business statistics different type of data are collected according to the need of business and organisation .
This term is also used for any decision taking process in which first we collect the data and after this we analysis this data and take decisions. There are large number of objectives for collecting data . From a small publisher to large scale multinational companies all collect data for achieving their targets and objectives .
If a company want to know whether public accepts or rejects his products , then that company must collect data relating to reaction of public on new launched product . So , it is very necessary to adopt different method for collecting of data . Data can be collect with following method
Methods from data type point of view
1. Primary method
under this method , company collects fresh data from population and after this these data analyze and take different decisions . Primary data may collect with one of following way
a ) Personal interview
Researcher goes to respondents personally and takes interview . In interview , he asks different question and its answer is written on paper by him and this becomes primary data .
b) Questionnaire method
Under this way , researcher sends questionnaire to respondents and respondents reply to researcher and after this it is processed for taking decisions .
2nd method - Secondary data
All data are called secondary data , if it is collected by someone else in past and it is only used by researchers . Suppose , if I have collected primary data and published in this blog relating to business and researcher only uses my collected data for his own purpose , then this will be secondary data . These data can be collected by online journals , blogs , websites , printed magzines , newspapers and TV etc.
Method of data collection from time element point of view
If researcher has time for collecting data , then if he collects data from each respondent , then this is called census .
b) If researcher has no time for collecting all data , then if he collects only small representatives of all respondents , then this is called sample .
you can also watch following PowerPoint presentation for deep understanding of data collection methods .