Advantages and disadvantages of secondary and primary source of data

NATIONAL ECONOMICS UNIVERSITY SCHOOL OF ACCOUNTING AND AUDITING -*** - STATISTICS IN ECONOMICS & BUSINESS Group name: Group Members: Vu Ngoc Mai Nguyen Ngoc Mai Vu Minh Ngoc Pham Hoang Thuy Duong Le Mai Linh Luu Doan Viet Linh Chu Minh Anh Nguyen Duc Binh Khuc Luu Hoang Thong Class: Auditing in English integrated with ICAEW CFAB 63 Teacher’s name: Nguyen Huyen Trang HA NOI, 2022 Table of contents ADVANTAGES AND DISADVANTAGES OF SECONDARY AND PRIMARY SOURCE OF DATA EXPLAIN AND GIVE EXAMPLES OF PROBABILITY AND NON-PROBABILITY SAMPLING QUESTIONNAIRE 11 ADVANTAGES AND DISADVANTAGES OF SECONDARY AND PRIMARY SOURCE OF DATA Primary data Secondary data Resolve specific research issues Performing your own research allows you to address and resolve issues specific to your own business situation The collected information is the exact information that the researcher wants to know and he reports it in a way that benefits the specific situation in an organization Better accuracy Primary data is much more accurate because it is directly collected from a given population Advantages A higher level of control The marketer can easily control the research design and method In addition, you have a higher level of control over how the information is gathered Up-to-date information The primary market research is a great source of latest and up-todate information as you collect it directly from the field in realtime Usually, secondary data is not so up-to-date and recent You are the owner of the information Information collected by the researcher is their own and is typically not shared with others Thus, the information can remain Ease of access The secondary data sources are very easy to access The internet world changed how secondary research exists Nowadays, you have so much information available just by clicking with the mouse in front of the computer Low cost or free The majority of secondary sources are absolutely free for use or at very low costs It saves not only your money but your efforts In comparison with primary research where you have to design and conduct a whole primary study process from the beginning, secondary research allows you to gather data without having to put any money on the table Time-saving As the above advantage suggests, you can perform secondary research in no time Sometimes it is a matter of a few Google searches to find a credible source of information Generating new insights and understandings from previous analysis Reanalyzing old data can bring unexpected new understandings and points of view or even new relevant conclusions Longitudinal analysis- the study spans a long period of time Secondary data allows you to perform a longitudinal analysis which means the studies are performed spanning over a hidden from other current and potential competitors large period of time This can help you to determine different trends In addition, you can find secondary data from many years back up to a couple of hours ago It allows you to compare data over time Anyone can collect the data Secondary data research can be performed by people that aren’t familiar with the different types of quantitative and qualitative research methods Practically, anyone can collect secondary data More expensive Not specific to your needs It could be very expensive to Secondary data is not specific to the researcher’s need due to the fact that it obtain primary data collection methods because the marketer or was collected in the past for another the research team has to start reason That is why the secondary data from the beginning It means they might be unreliable and unuseful and in have to follow the whole study many business and marketing cases procedure, organizing materials, Secondary data sources can give you a process, etc huge amount of information, but quantity does not mean appropriateness Time-consuming It is a matter of a lot of time to Lack of control over data quality conduct the research from the You have no control over the data beginning to the end Often it is quality at all In comparison, with much longer in comparison with primary methods that are largely Disadvantages the time needed to collect controlled by the data-driven marketer, secondary data secondary data might lack quality It means the quality of secondary data Can have a lot of limits should be examined in detail since the Primary data is limited to the source of the information may be specific time, place or number of questionable As you rely on secondary participants etc To compare, data for your decision-making process, secondary data can come from a you must evaluate the reliability of the variety of sources to give more information by finding out how the details information was collected and analyzed Not always possible For example, many researches can be just too large to be performed by your company Biasness As the secondary data is collected by someone else than you, typically the data is biased in favor of the person who gathered it This might not cover your requirements as a researcher or marketer Data might be out of date Secondary data is collected in the past which means it might be out-of-date This issue can be crucial in many different situations Not proprietary Information Generally, secondary data is not collected specifically for your company Instead, it is available to many companies and people either for free or for a little fee So this is not exactly an “information advantage” for you and your competitors also have access to the data EXPLAIN AND GIVE EXAMPLES OF PROBABILITY AND NON-PROBABILITY SAMPLING Types of sampling Definition Example Simple random It is a reliable method of obtaining information where every single member of a population is chosen randomly, merely by chance Everyone has the same probability of being chosen to be a part of a sample You want to select a simple random sample of 100 employees of Company X You assign a number to every employee in the company database from to 1000 and use a random number generator to select 100 numbers Systematic random It is the random sampling method that requires selecting samples based on a system of intervals in a numbered population It involves selecting a starting point for the sample and sample size that can be repeated at regular intervals This type of sampling method has a predefined range; hence, this sampling technique is the least time-consuming You want to create a systematic random sample of 10 people from a population of 100 Using a list of the total population, number each person from to 100 Then, randomly choose a number, like 5, as the number to start with This means that the person numbered "5" would be your first selection, and then every tenth person from then on would be included in your sample Your sample, then, would be composed of persons numbered 15, 25, 35, 45, 55, and so on down the line until you reach the person numbered 95 Stratified random It is a method in which the researcher divides the population into smaller groups that don’t overlap but represent the entire population While sampling, these groups can A researcher looking to analyze the characteristics of people belonging to different annual income divisions will create strata (groups) according to the annual family income PROBABILITY SAMPLING (Random) Cluster be organized, and then draw a sample from each group separately Example – less than $20,000, $21,000 – $30,000, $31,000 to $40,000, etc By doing this, the researcher concludes the characteristics of people belonging to different income groups Marketers can analyze which income groups to target and which ones to eliminate to create a roadmap that would bear fruitful results Cluster sampling is a method where the researchers divide the entire population into sections or clusters that represent a population Clusters are identified and included in a sample based on demographic parameters like age, sex, location, etc This makes it very simple for a survey creator to derive effective inferences from the feedback There are types of Cluster sampling: Single-stage cluster sampling: An example of single-stage cluster sampling – An NGO (non-governmental organization wants to create a sample of girls across five neighboring towns to provide education Using single-stage sampling, the NGO randomly selects towns (clusters) to form a sample and extend help to the girls deprived of education in those towns Two-stage cluster sampling: Instead of selecting all the elements of a cluster, only a handful of members are chosen from each group by implementing systematic or simple random sampling An example of two-stage cluster sampling – A business owner wants to explore the performance of his/her plants that are spread across various parts of the U.S The owner creates clusters of plants He/she then selects random samples from these clusters to conduct research Multiple stage cluster sampling: Multiple-stage cluster sampling takes a step or a few steps further than twostage sampling An example of Multiple stage sampling by clusters – An organization intends to survey to analyze the performance of smartphones across Germany They can divide the entire country’s population into cities (clusters) and select cities with the highest population and also filter those using mobile devices Quota NONPROBABILITY SAMPLING Researchers create a sample involving individuals that represent a population Researchers choose these individuals according to specific traits or qualities They decide and create quotas so that the market research samples can be useful in collecting data These samples can be generalized to the entire population The final subset will be decided only according to the interviewer’s or researcher’s knowledge of the population A researcher wants to survey individuals about what smartphone brand they prefer to use He/she considers a sample size of 500 respondents Also, he/she is only interested in surveying ten states in the US Here’s how the researcher can divide the population by quotas: Gender: 250 males and 250 females Age: 100 respondents each between the ages of 16-20, 21-30, 31-40, 41-50, and 51+ Employment status: 350 employed and 150 unemployed people Location: 50 responses per state Depending on the type of research, the researcher can apply quotas based on the sampling frame It is not necessary for the researcher to divide the quotas equally He/she divides the quotas as per his/her need (as shown in the example where the researcher interviews 350 employed and only 150 unemployed individuals) Random sampling can be conducted to reach out to the respondents Purposive In the judgmental sampling method, researchers select the samples based purely on the researcher’s knowledge and credibility In other words, researchers choose only those people whom they deem fit to participate in the research study Judgmental or purposive sampling is not a scientific method of sampling, and the downside to this sampling technique is that the preconceived notions of a researcher can influence the results Before launching a new wine product, an organization conducts pilot testing to gather feedback from the market For the sample population, the researcher chooses expert wine tasters to provide valuable feedback for product improvement Purposive sampling can also be used in educational research Suppose you want to collect feedback from students on the pedagogical methods in their school You go ahead to handpick the brightest students who can provide relevant information for your systematic investigation Snowball (Volunteer) If the population is hard to access, snowball sampling can be used to recruit participants via other participants The number of people you have access to ‘snowballs’ as you get You are researching experiences of homelessness in your city Since there is no list of all homeless people in the city, probability sampling isn’t possible You meet one person who agrees to in contact with more people participate in the research, and she puts you in contact with other homeless people she knows in the area Self-selection A sampling method in (Volunteer) which members of a population volunteer to be part of the sample Suppose a teacher wants to know if a new test prep course helps students improve test scores She posts a sign-up sheet outside of her classroom and lets students decide if they’d like to participate in the course Self-selection bias is likely to occur because students who are more studious are more likely to sign up which means the sample of students who take the course isn’t likely to match the overall population of students who could potentially take the course Convenience It is a non-probability sampling technique where samples are selected from the population only because they are conveniently available to the researcher Researchers choose these samples just because they are easy to recruit, and the researcher did not consider selecting a sample that represents the entire population - A professor conducting research at a university may use student volunteers to constitute a sample simply because they are readily available and will participate as subjects for little or no cost - A marketing student needs to get feedback on the “scope of content marketing in 2020.” The student may quickly create an online survey, send a link to all the contacts on their phone, share a link on social media, and talk to people they meet daily, face-to-face 10 QUESTIONNAIRE Survey on environmental protection and the application of eco-friendly products among NEU students Good day! We are Group from the Auditing CFAB K63 class, National Economics University As part of our course, we are conducting a survey on the popularity of the green lifestyle among NEU students As you may be aware, our environment is deteriorating at an alarming rate due to human’s waste and harmful substances such as Carbon dioxide being emitted into the atmosphere every day, threatening the very existence of every living creature To combat this situation, more and more people have shifted towards a green lifestyle in recent years by consuming eco-friendly products like reusable shopping bags, paper straw, etc Through this survey, we hope we can have a better understanding of NEU students’ participation in this global trend and devise some ways to encourage more students to participate in it Our ultimate goal is to save our environment and raise the awareness of the young about the importance of protecting the natural world We pledge that the information you provide is only for research purposes, your personal information is kept private and not disclosed to third parties Thank you very much for your help and support Your responses and contribution will be highly appreciated! A PERSONAL INFORMATION We need some of your personal information to ensure the independence and authenticity of these data Please tick on/fill in the blank space before/after each category Name: Phone number (optional): Email: Student ID: Major: B SURVEY CONTENT Section 1: General questions From question 1-6, please tick on one choice Question is a short-answer question Have you ever used eco-friendly products? o Yes o No How often you recycle? o Always o Most of the time o About half of the time o Once in a while o Never Do you think “being green” is part of our o Yes normal life now? o No 11 Where are you “greener”? o o o o o o o o o o o o To what extent are you concerned about climate change? Which type of energy that you think is the most environmentally friendly? At home At school Same in both places Very concerned Neutral Do not care Solar energy Wind energy Hydro energy Biomass energy Nuclear energy Geothermal energy From your perspective, what does “3R” stand for? Section 2: Green Lifestyle of the survey respondents From question 8-15 please tick on one blank cell based on your frequency of these activities Activities Always Often Sometimes Rarely Never Reusing the paper of lecture notes Taking print on both side of a paper 10 Reading the document on computer instead of taking its print on paper 11 Using rechargeable batteries instead of disposable batteries 12 Paying attention to water consumption when taking a bath/shower or other activities 13 Putting trash in the right sorting cans 14 Bringing your own bags and bottles while going shopping at supermarkets, cafes, milk tea shops, etc 15 Attending projects or seminars to acknowledge your environmental awareness 12 Section 3: Questions about surroundings Please tick on one blank before the category for each questions from 16-18 16 Does your family use solar panels? o Yes o No 17 How many of your classmates use ecoo Very few (1-5 people) friendly products (for example: canvas bags, o Some (5-15 people) reusable plastic cups)? o Many (15-35 people) o Almost all (>35 people) 18 Does your school (National Economics o Yes University) have sorting trash cans? o No Section 4: More detailed questions For this section, the questions without notes are single-choice questions 19 What would make you think about the o If my schoolmates/ classmates/ environment more? colleagues mention it (You can choose more than one option) o If my family members mention it o If it often appears on social media and online newspaper with the alarming numbers o If I directly see the consequences caused by environmental pollution o The Covid-19 pandemic and its effect on our environment (both positive and negative) 20 Over the past years, where have you o Newspapers & magazines mainly obtained information on o Books environmental policies? o Film & television (You can choose more than one option) o Radio o Communication between relatives and friends (including both offline and online activities) o Public platforms (Facebook, TikTok, Twitter, etc.) o Discussion at work places/ schools o Offline public activities organized by the government o Other channels: 21 Do you think that collection of waste in separate dustbins is important for a sustainable environment? 22 Do you believe human activities contribute to climate change? o o o o o o 13 Yes No No idea Yes No No idea 23 On a scale of 1-10, please rate how environmental pollution affects your personal health and safety with being affecting you the least and 10 being affecting you the most o o o o o o o o o o o o o 24 Do you think your Government is spending too much time, money and resources to reduce environmental pollution? 25 What environmental issues are happening in your local area? (short-answer question) 26 If the place you want to get to is within the radius of 1km, would you choose to walk/cycle or use a motorbike/car? 27 If the school organizes a cleaning event, to what extent are you willing to join? 10 Yes, they are No, they are not doing enough Neutral o Walk/cycle o Use a motorbike/car o (Refuse to join) o (Reluctant - Consider other factors: if that activity is mandatory or not; your friends join or not; etc.) o (Ready to join without hesitation) o Like pages, posts, videos of the organizations which run environmental campaigns o Comment, share posts, videos of environmental campaigns o Call for other people’s care and participation in the campaigns o Create TikTok videos, Instagram reels, etc to make people aware of environmental campaigns o Others: 28 What have you done to show support for environmental campaigns? (You can choose more than one option) C REFERENCES This section is not mandatory because it is for the reference purposes only Gender o Male o Female o Others 14 According to you, are environmentallyfriendly products more expensive than regular products? o o Yes No What have you done to protect our environment? How you remind yourself to go green? This is the end of our survey, once again, thank you for taking the time to complete this survey Please remember to submit the form Wish you a good day! 15