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Presented ByDivya BG

Sarika MChanda PrasadSravani kPradeep APavan MMithun S NHussainSanthosh Ram

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What is data?“Data can be defined as a collection of facts or

information from which conclusions may bedrawn”.

Data is the physical representation of information in asuitable manner which helps in taking decisions forcommunication, interpretation, planning, processingand executation of a particular task or action.

For example data collected for annual reports ofcompanies, surveys conducted by governmentofficials.

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Applications of Data inBusiness and Economics

AccountingPublic accounting firms use statistical sampling procedures

when conducting audits for their clients.FinanceFinancial analysts use a variety of statistical information,including price-earnings ratios and dividend yields, to guidetheir investment recommendations.

MarketingElectronic point-of-sale scanners at retail checkout counters arebeing used to collect data for a variety of marketing researchapplications.Production

A variety of statistical quality control charts are used to monitorthe output of a production process.EconomicsEconomists use statistical information in making forecasts aboutthe future of the economy or some aspect of it.

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Types of DataQualitative Data : Data that approximates or

characterizes but does not measure the attributes,characteristics, properties, etc., of a thing or phenomenon .

Example : Gender, race, religion, etc.,

Quantitative Data: Data in numerical measurementexpressed not by means of a natural language description,but rather in terms of numbers .

Example : Height, weight, temperature, etc.,

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Types of Data

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Primary DataThe data which are collected from the field under thecontrol and supervision of an investigatorPrimary data means original data that has beencollected specially for the purpose in mindThis type of data are generally a fresh and collected for thefirst timeIt is useful for current studies as well as for future studiesFor example: Interview, observation, surveys, case studiesetc.,

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Secondary DataData gathered and recorded by someone else prior to andfor a purpose other than the current projectSecondary data is data that has been collected for anotherpurpose.It involves less cost, time and effortSecondary data is data that is being reused. Usually in adifferent context.For example: data from a book, previous researches, letters,government reports, web information, etc.,

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Sources of Primary Data

Personal Interviews, feedbacks , questionnaire,surveys for census and different types of productsand services.Observing personally and drawing reportsInformation received through local agencies.

Experimental records drawn for first time.Investigations and mailed enquires.

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Sources of Secondary Data

The main Source of secondary data is primary data, why because it is not fresh and has taken from alreadyexisted data(Primary data).Publications of commercial and financialorganizations.Reports of various committees and commissions

appointed by the government.Newspapers, advertisements and periodicals.

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