Lecture Five - Data Collection & Data Models
Lecture Five - Data Collection & Data Models
Suitability of data: The data that are suitable for one enquiry may not
necessarily be found suitable in another enquiry. Hence it is important
that the researcher considers the relevance of the data.
Availability of funds:
Availability of funds for the research project determines to a large
extent the method to be used for the collection of data.
When funds at the disposal of the researcher are very limited, he
will have to select a comparatively cheaper method which may not
be as efficient and effective as some other costly method.
Finance, in fact, is a big constraint in practice and the researcher
has to act within this limitation.
SELECTION OF APPROPRIATE METHODS
Time factor:
Availability of time has also to be taken into account in deciding a
particular method of data collection.
Some methods take relatively more time, whereas with others the
data can be, collected in a comparatively shorter duration.
The time at the disposal of the researcher, thus, affects the selection
of the method by which the data are to be collected.
Precision required:
Precision required is yet another important factor to be considered at the time
of selecting the method of collection of data.
Models & Data
•In economics, we study relationships between
different economic variables in order to understand
and influence phenomena.
• Data or facts interact with models in two ways: Firstly the data helps us
quantify the relationships to which our theoretical models draw
attention. Thus models will help us know which facts regarding the
phenomenon are more important.
PANEL DATA
• The third type of data combines both time and space and its called panel data. It
analyses how variables for various units change over time.
ILLUSTRATIONS OF DIFFERENT DATA TYPES
TIME SERIES DATA SHOWING TOTAL REVENUE ZMK FROM A BUS BUSINESS (2015)