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Sources of data

Before understanding data sources, let's see the types of data. Data is of two types:

1. Primary Data
2. Secondary Data

Primary Data

The data which is raw, collected firsthand, or directly from a source is called primary data. It is data that is gathered specifically for the purpose of the research or analysis. Primary data is considered more reliable and accurate.

Some methods of collecting primary data are:-

1. Surveys: Surveys involve asking a set of structured questions to a sample of respondents. This method is commonly used to collect data on opinions, preferences, behaviors, and demographics.
2. Interviews: Interviews involve one-on-one interactions between the researcher and the respondent. Interviews can be structured, semi-structured, or unstructured, depending on the research goals.
3. Observations: Observations involve systematically recording behaviors, events, or phenomena as they occur in their natural context. This method is often used in qualitative research.

Secondary Data

Data that has already been collected is called Secondary Data. This data has been collected for a purpose other than the current purpose. It's data that already exists and has been previously gathered, processed, and possibly analyzed by other individuals.

There are two main types of secondary data:

1. Internal Secondary Data: This refers to data that is collected and stored within an organization for its own purposes. It might include sales data, customer information, and other records.
2. External Secondary Data: This refers to data that is collected by external sources, such as government agencies, research institutions, industry reports, and publications. Sources of this type of data are government publications, news publications, sensor data, and satellite data.