Making Statistical data Meaningful

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Collection of Data

Data are collected by investor in two different ways. One way is to collect data directly from the respondent. Respondent is a person who answers the questions of investigators and the other is adopting the data which are already collected by someone. Ways of collection of data such as:

  • Primary data

  • Secondary data

Primary Data:

  • Statistical information collected is called primary data and the source of such information is called primary source.

  • Data are original because they are collected for the first time by the investor himself.

  • Data can be collected in various ways such as direct personal interviews, questionnaire method.

  • For ex. Investors collects the information about salaries of National Open School employees by approaching them.

Methods for collecting primary data:

  • Direct personal Interview:

    • Interviewer has to be face-to face with the person from whom he wants information.

    • This person is called respondent.

  • Questionnaire method:

  • Question booklet is prepare and sent to respondents.

  • Investigator can collect data according to his requirement.

  • It is reliable and sufficient for the purpose of investigation.

  • It involves a lot of cost in terms of money, time and energy.

Secondary Data:

  • Secondary data means to adopt the data already collected by someone else.

  • Obtained statistical information is called secondary data.

  • The source of such information is called the secondary source.

  • Data is obtained by published and unpublished sources.

  • For ex. Investors collects the information about salaries of National Open School from the salary register maintained by its accounts branch.

Some of the published sources:

Table Shows the Some of the Published Sources

Central Statistical Organisation (CSO)

∙ Publishes data on national income, savings, capital formation etc

∙ It’s known as National Accounts Statistics.

National Sample survey organisation (NSSO)

∙ Provides data on all aspects of national economy such as agriculture, Industry and labour.

Reserve Bank of India (RBI)

∙ Publishes financial statistics, Report on currency and finance, RBI Bulletin, Statistical tables relating to banks in India etc.

Labour Bureau

∙ Publications are Indian Labour statistics, Indian Labour Year Book and Indian Labour Journal.

Population Census

∙ Provides Statistics on population.

∙ Undertaken by office of the Register General, Census of India, Ministry of Home Affairs.

Papers and Magazines

∙ Journals like Capital, Commerce, Economic and Political Weekly, Economic Times etc. also published statistical data.