Definition of Primary Data
The data which is unprocessed and collected for the first time by the researchers is termed as primary data. Definition of primary data It mainly refers to the one which is original and is originated for the first time by the one conducting research through his large efforts, mainly for finding out the solution to the research.
The collection of primary data seems to be quite expensive as the responsibility of collection and research of primary data is on the concerned organization itself. This data only become the source of secondary data which is obtained by conducting several statistical operations on this data.
Advantages of using Primary Data
- Here data collected is very specific to the problem and is useful.
- Quality of the data collected is not doubtful and is meaningful.
- It may lead to the discovery of additional data and information during its collection.
Disadvantages of Primary Data
- There are numerous hassles involved in the collection of primary data like taking a decision such as how, when, what and why to collect.
- The cost involved in the collection of primary data is very high.
Definition of Secondary Data
The data which is second hand and on which several statistical operations have been performed to get specific information is called secondary data. This data is specific in nature and saves time and effort. The secondary data is collected from various sources like publications, internal records of the company, censuses, books, journals, websites etc. This data is termed as a refined form of data and degree of accuracy and reliability is less in comparison to primary data.
Advantages of using Secondary Data
- There is no issue of data collection as it is obtained by performing operations on primary data collected.
- The cost involved in secondary data collection is relatively less.
- Quality of data is not the responsibility of the investigator.
Disadvantages of using Secondary Data
- It may not be possible that the information or data required for obtaining the secondary data is available.
- Getting detailed and clarified data on some topic is not possible in secondary data as a limited source of information is there.
- This data would be unrealistic or fake.