Presentation of Information:
Information refers to processed data that is represented by documents and reports in a structured and meaningful format. This information should be properly presented to the user.
Methods of Data Collection
Data can be collected in a variety of ways and from a variety of sources. Proper care should be taken while collecting data as the quality of information depends on the method employed for collecting the data. Another point to be kept in mind is the way in which this data is converted into information, the way it is going to be organized, analyzed, interpreted, and reported to the end-users.
There are two types of data collection: primary and secondary.
Primary data collection refers to collecting original data or collecting data for the first time. This data is collected for fulfilling a particular goal and is meant to be used for only that specific purpose. For instance, if the goal is to find out the average salary of a government employee, then data is collected and used specifically only for that purpose. The information obtained through primary data collection is accurate but the process is time-consuming and uses up a lot of money and effort.
Secondary data collection refers to collecting data from secondary sources. This data has already been collected for some definite purpose (a primary source) and is used for some other new purpose. Data collected using secondary sources may not be as accurate as data collected using primary sources as the purpose for which it is to be used is different. However, secondary data collection consumes less time, money, and effort compared to primary data collection.
Some of the most commonly used methods of data collection are observation; experiment; survey; subjective estimation; transaction processing; and obtaining information from external sources such as publications and government agencies. These methods have been briefly described below:
Observation
Observation is used to obtain first-hand information. The information obtained depends on the accuracy with which the observation is made and on the observer. For instance, information about shopping habits of college-going students can be obtained by observing them at shopping malls.
Experiment
Information can be collected through experimentation. In this method, the variables that have been selected for experimentation are put under observation or control based on a specific parameter. These variables are observed over a period of time and conclusions are drawn based on their behavior, reaction, and other such aspects that are based on the research purpose in question. These conclusions are gathered to form information through experimentation. The design of the experiment determines the quality of information. For instance, test marketing can be used to find out how a product will perform in the market. In this method, a few customers in the market are identified and given the product. The customers have to use the product and then state their experience with the product to the marketer so that further improvements can be made in the product.
Survey
A survey refers to a method of data collection in which the required data is collected from the entire population or at least from a sample representative of the larger population. The quality of the questionnaire prepared determines the quality of information. Methods like market survey, opinion polls, etc. are conducted to collect data.
Transaction processing
Transaction processing is the basic or primary method of collecting data used by organizations. The data obtained through this method is generated from transactions. This data is raw in nature and needs to be processed and integrated. Information in ledgers, payrolls, and financial reports are all the outcome of transaction processing.
Obtaining information from external sources
Data can also be purchased at a price from external sources of information. Certain types of information like research studies (say on a specific subject like cardiology or on a specific industry) can be obtained only for a price. Data collected through primary sources is published in certain trade journals and publications. Such data can be obtained at a low cost. This data has been collected from the research point in view and pertains to the time it was conducted. Therefore, it is not advisable to place too much reliance on it as it may not be exactly suited to the desired purpose and time period. Data can also be obtained from government agencies. The user should check whether this data has been updated before analyzing the data and drawing conclusions.
Subjective estimation
Subjective estimation is a method of collecting data from experts in a particular field. This method is used when the methods of observation listed ¾ experiment, survey, etc. ¾ are not or cannot be used. In this method, the views and opinions of a few experts are collected and this acts as a source for data. The subjective estimation method is employed in situations where no other data sources are available. It is used for conducting an analysis regarding issues that are difficult to be described in actual, objective, or numeric terms. For instance, psychologists use the method of subjective estimation to gather information about their patients.
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