Quiz 5: Information Types and Sources: Secondary Data and Standardized Information

Business

Secondary data: Secondary data, is data collected by any person other than the researcher. Secondary data are already published by an author or researcher. It is used in various forecasting and public sectors. Secondary data are classified into two types. They are: • Internal data • External data Primary data is the collection of information by the researcher specifically for his/her own research project, in contrast Secondary data is already available and collected by any person other than researcher. Primary data are newly prepared by a researcher for his research work and which is not already published.

Secondary data: Secondary data, is data collected by any person other than the researcher. Secondary data are already published by an author or researcher. It is used in various forecasting and public sectors. Uses of secondary data: • Provides access to data in which the researcher does not have physical access. For example the population data of 10 years before. • Secondary data is particularly helpful when a study needs to establish a trend over a long period. • Particularly helpful when the research or survey is stuck due to limitations of availability.

Classification of the secondary data: Secondary data are classified into two types. They are: • Internal data • External data Internal data: The information or data which is collected from within the company/organization where the research is being conducted is known as internal data. Examples: purchase details, invoice details and sales records. External data: The information or data which is collected from outside the company/organization is known as external data. External data has three following sources. • Published data • Syndicated service details • External database information