Q:- Explain Primary and Secondary Data.

Ans: To analyze and make decisions about a certain business, sales, etc., data is
collected. This collected data helps in making some conclusions about the
performance of a particular business. Depending on the type of data, the data
collection method is divided into two categories namely,

 Primary Data Collection methods

 Secondary Data Collection methods

Primary Data The primary data is often referred to as the raw data as the researchers
go on the field themselves to collect data. For collecting primary data, the small
section of the population is taken as a sample and the experiments/surveys are done
with them to get the desired results. Further analysis is done based on which results
are published.
Secondary Data The secondary data is sourced from the prepared databases provided
by different organisations. The secondary data are often time-series data used for the
analysis of a particular phenomenon or forecasting. The data is used in lieu of the
objectives laid out by the research topic. Apart from academic purposes, another
example of the use of secondary data will be the investors in the stock market who
make use of the historical data to formulate their investment decisions.

Point of Differences

Primary Data Primary data is collected through the following tools:

1. Questionnaire: A questionnaire is designed as per the purpose of the research
topics and objectives to be filled by the sample population which gets further
analysed for suitable results.
2. Personal Interview: The team conducts personal interviews with every sample
based on the objectives of the research.
3. Survey: The team conducts on-field surveys to assess the behaviour of the
sample population in accordance with the research objectives.
4. Experiments: The team conducts experiments or randomised controlled experiments
to assess the results.
Secondary Data Secondary data can be accessed from the following sources:
1. Journals: The journals published every year have reliable sources of secondary
data which gets verified by a group of scholars and hence, can be used in research.
2. Government Databases: The government collects and record data over a period
of time which can be used for the analysis. The financial and economic data can be
found from the RBI and finance ministries database. One can find years of
historical data on the databases many of which are available to the public.
3. UN Databases: The United Nations collects primary data from their field works
and interventions which are available to the general public for use. Given the
reputed name and reliable verification systems, this database can be another good
option to take secondary data from
4. Databases of Analytical Companies: Analytical companies like Bloomberg,
Statista have their own databases and analysis which are open to the users and
can be cited as a verifiable source in the research.