Decision Making First Lecture Slides 1

8/10/2019 Decision Making First Lecture Slides 1

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PRESENTATION BY:Mr Hafiz(Bsc&Msc Accounting

&finance, ACCA,PGD and IFA )


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DATACOLLECTION


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Data can be define as the quantitative or qualitative valueof a variable (e.g. number, images, words, figures, facts orideas)

It is a lowest unit of information from which othermeasurements and analysis can be done.

Data is one of the most important and vital aspect of anyresearch study.

Introduction


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Data collection is a term used to describea process of preparing and collecting data

Systematic gathering of data fora particular purpose from varioussources, that has been systematicallyobserved, recorded, organized.Data are the basic inputs to any decisionmaking process in business


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The purpose of data collection is- to obtain information to keep on record to make decisionsabout important issues,to pass information onto others


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Sources of Data

Externalsources

Primarydata

Secondarydata

Internalsources


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Internal sources of Data

o Many institutions and

departments have informationabout their regular functions,fortheir own internal purposes.

o When those information areused in any survey is calledinternal sources of data.

o Egsocial welfare socities.

External sources of data

o When information is collected

from outside agencies is calledexternal sources of data.

o Such types of data are eitherprimary or secondary.

o This type of information can becollected by census or samplingmethod by conducting survey.

Internal & External Sources of Data


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TYPES

PRIMARYDATA

SECONDARYDATA


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The data which are collected from the field under thecontrol and supervision of an investigatorPrimary data means original data that has been

collected specially for the purpose in mindThis type of data are generally afresh and collected for thefirst timeIt is useful for current studies as well as for future studies

For example : your own questionnaire.


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Methods ofcollectingprimary data

DirectPersonal

Investigation(i.e. interview

method)

Indirect oralinvestigation(i.e. through

enumerators)

Investigationthrough local

reportersquestionnaire

Investigationthroughmailed

questionnaire

Investigationthrough

observation


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Surveys

Personalinterview(intercepts)

Mail In-house, self-

administered Telephone,

fax, e-mail, Web

Quantitative Data

PrimaryResearch

Experiments

Mechanicalobservation

Simulation

Qualitative Data

Case studies

Humanobservation

Individual depthinterviews

Focus groups


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Quantitative and Qualitative Information:

Quantitative based on numbers 56% of 18 year

olds drink alcohol at least four times a week - doesnttell you why, when, how.

Qualitative more detail tells you why, when and

how!


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Quantitative ResearchNumericalStatistically reliableProjectable to a broader population


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Sampling Methods:Random Samples equal chance of anyone beingpicked

May select those not in the target group indiscriminateSample sizes may need to be

Large to be representativeCan be very expensive


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Stratified or Segment Random SamplingSamples on the basis of a representativestrata or segmentStill random but more focussedMay give more relevant informationMay be more cost effective


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Quota Sampling Again by segmentNot randomly selectedSpecific number on each segment are interviewed, etc.May not be fully representativeCheaper method


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Qualitative ResearchIn-depth, insight generatingNon-numerical Directional

Common TechniquesPersonal interviews (depth, one-on-one)Focus groups (8-12) and mini-groups (3-6)


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OBSERVATION METHODThrough personal observation

PERSONAL INTERVIEW

Through QuestionnaireTELEPHONE INTERVIEW

Through Call outcomes, Calltimings

MAIL SURVEYThrough Mailed Questionnaire


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MeritsTargeted issued are

addressed

Data interpretation is better

High accuracy of data

Address as specificresearch issues

Greater control

DemeritsEvaluated cost

Time consuming

More number of resourcesare required

Inaccurate feedback

Required lot of skill withlabour.

Primary Data


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Data gathered and recorded by someone else prior to andfor a purpose other than the current projectSecondary data is data that has been collected for another

purpose.It involves less cost, time and effortSecondary data is data that is being reused. Usually in adifferent context.

For example: data from a book.


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INTERNAL SOURCESInternal sources of secondary data are usuallyfor marketing application-

Sales RecordsMarketing ActivityCost Information

Distributor reports and feedbackCustomer feedback


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EXTERNAL SOURCESExternal sources of secondary data are usually for

Financial application-

JournalsBooksMagazines

NewspaperLibrariesThe Internet


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AdvantagesTargeted Issues are addressed

Data interpretation is betterEfficient Spending for InformationDecency of DataProprietary IssuesAddresses Specific Research IssuesGreater Control


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DisadvantagesHigh Cost

Time ConsumingInaccurate Feed-backsMore number of resources is required


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AdvantagesEase of Access

Low Cost to AcquireClarification of Research QuestionMay Answer Research Question


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DisadvantagesQuality of Research

Not Specific to Researchers Needs Incomplete Information

Not Timely


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Primary data

Real time dataSure about sources of dataHelp to give results/findingCostly and time consuming

processAvoid biasness of responsedataMore flexible

Secondary data

Past data Not sure about of sourcesof dataRefining the problemCheap and no timeconsuming process

Can not know in data biasness or notLess flexible

Difference b/w primary and secondary data conclusion


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Documents

Decision Making First Lecture Slides 1