Introduction
Statistics is the representation of a large amount of data in graphs or charts, which helps derive the necessary inference from the same. Because it deals with a lot of data, it becomes necessary to know the prerequisites of collecting that specific data too.
To develop a clear understanding of the same, here we have taken two examples of how data is collected and used.
Primary Data
Suppose you are asked to analyse the amount of electricity consumed in your colony, consisting of 20 different households. So, you go to each house and gather the data yourself and note it down. This is called primary data collection. Herein, you are doing the first-hand job of gathering data from the resources.
Secondary Data
You are asked to make a case study of how the education sector has improved in the last 5 years in India. So, herein you do not go out to every school in India and ask for data. Instead, you look into the government website for the census data for all the necessary parameters.
Therefore, this is the secondary data collection where you do not directly collect data from the people involved in the act. Rather, you use the already collected data to derive other conclusions as asked in your work.
Both these examples of primary and secondary data are necessary to gain insight into how they are collected and how they can be used later.
How do Primary and Secondary Data differ?
The difference between primary data and secondary data is discussed in detail below:
Having a proper understanding of both primary and secondary data is vital for Commerce students. They need to understand that statistics has a vast range of applications in multiple arenas. It is essentially a tool to represent data in a simplified manner.
Various primary data examples reveal that they are most useful in showcasing any data with higher accuracy. As these data are in line with the purpose of collection, one can rest assured to use them in projecting future sales, analysing projects related to capital expenditure, and a lot more.
Similarly, the secondary data examples show that the financial reports, sales data, retailer or distributor, customer statements, etc are used to reach various conclusions. These inferences or conclusions are then projected to meet the purpose of collecting them.
Therefore, having clarity on both will help in differentiating the need for manipulation when you work with a certain type of data.
To know more about the types of primary data and secondary data along with their uses and other necessary details, you can visit our online learning programmes. It has a set of study materials written in an absolute lucid language for a clear and holistic understanding of the syllabus. There are online classrooms for your benefit.
Pros and Cons of Primary Data
For’s
At the time of data collection, primary data is adapted to the researcher's needs. The researcher has control over the type of data that is gathered.
It is more accurate than secondary data. Because the data is not influenced by human judgment, its authenticity may be believed.
Because primary data is obtained in real-time rather than from old sources, it is frequently up to current.
The researcher has complete control over the data gathered during primary research. He has the authority to select the design, method, and data analysis techniques to be employed.
The researcher claims ownership of the data gathered during primary research. He or she may decide to make it public, patent it, or even sell it.
Against
Primary data is far more expensive than secondary data. As a result, acquiring primary data may be difficult.
Due to the complexity and time commitment necessary, collecting primary data may not be possible in some circumstances.
It takes a long time.
Pros and Cons of Secondary Data
For’s
Secondary data, in comparison to primary data, is more widely available. Secondary data is available on many platforms and may be used by the researcher.
The cost of secondary data is quite low. Because they are often given out for free, they may be gotten for little to no cost.
Secondary data collection often takes far less time than primary data collection.
Secondary data enables longitudinal studies to be undertaken without having to wait a longer amount of time for conclusions.
Against
Secondary data may not be authentic or trustworthy. A researcher may need to double-check the information gathered from various sources.
Before eventually identifying the essential data, researchers may have to deal with irrelevant data.
Secondary data sources are occasionally out of date, with no fresh information to replace the old.
Because of the data source's personal bias, some of the data is overstated.
FAQs on Differences Between Primary Data and Secondary Data
1. What are the similarities between Primary and Secondary Data?
Secondary data was once primary data when it was acquired for the first time by the primary researcher. The gathered data has the same content as primary data since the content does not change. It makes no difference if it is further depicted in a secondary form; the substance remains unchanged. Definitions, theorems, and postulates that were created years ago yet remain unchanged are frequent examples of this.
In statistics and research, both primary and secondary data are used. Depending on the availability of data, they can be utilized to conduct the same type of study in various disciplines. This is because secondary and primary data contain the same substance. The only distinction is the technique through which they are gathered.
They may be utilized to conduct similar research because the technique of collecting has no direct impact on the applications of data. The demographics of a certain target market, for example, might be used to guide comparable business choices, whether obtained directly or via an existing database.
2. Can we get the learning tools for the chapter “ Primary Data and Secondary Data” on Vedantu?
Yes, For the chapter "Primary and Secondary Data," Vedantu's Platform offers all necessary and up-to-date study materials." These resources are available in PDF format for free download. These answers are meant to help students in grades 1-12 prepare for exams. Vedantu is now one of the most popular online education platforms. It's an excellent resource for gaining credible and correct knowledge. To improve concept-based learning, more attention is placed on subject comprehension, with a specific emphasis on each topic and idea. Students should study these PDFs regularly to increase their understanding of the subject matter as well as their test performance. Vedantu's team of expert professors has gone through every detail to guarantee that students receive the finest possible response. Vedantu pays close attention to the collection of resources used to describe the subject.
3. What is Primary Data?
The data collected by the user himself is known as primary data.
What is Secondary Data?
The data collected by others that are later used by a user is called secondary data.
5. What is The Difference Between Primary and Secondary Data?
some of the basic differences between primary and secondary data is that while the former is collected for the first time, the latter one is already collected. This is for the same reason that primary data is entirely in its raw form, whereas the latter one - secondary data is in polished or finished form.