1.1 Explain The Uses And Limitations Of Primary And Secondary Data

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1.1 Explain the uses and limitations of primary and secondary data
Primary data is data that has been observed/collected from first-hand experience, for example, if you did a survey, the data collected by you would be primary data. Secondary data is data that has been observed/collected by a second party, historically, for example, if you used the outcome of a poll done by another person. You can use both primary and secondary data to support an argument or decision you need to make. You can also use primary data to benchmark your own targets, for example, if your company made £1,000,000 last year, you may be able to predict using this data that you will be able to make £1,200,000 this year. However this decision could also be informed by secondary data such as a poll by a business magazine on the expected growth of your sector. You could also use this data as a target to promote efficiency within your business. …show more content…
The reliability and accuracy of secondary data may come into question as you did not collect the data yourself so you cannot be sure as to how true to life it is. You also have to be very careful not to misinterpret secondary data, as this could affect many business decisions. Primary data also needs to be checked for validity, even if you collected the data yourself you need to make sure that it is valid for purpose and all data is helpful, however you can be surer that it is reliable and accurate. With secondary data you also need to make sure you have legal access to the information you are wishing to use (Data Protection Act 1998). Not only this but you need to be aware of who is able to view the data, if you have clearance to view confidential data, for example customer addresses, this does not mean everyone else
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