Quantitative

Techniques for
Business
Asst. Prof. Prabhat Raghav
 Statistical Data
 “Data is regarded as the foundation
of all types of research, and hence it
is known as “Life Blood of
Research”. So quality data is
needed for any research.
 A research can be carried-out with
the help of two types of data:
- Primary Data
- Secondary Data
 Types/ Source of
Data

Primary Secondary
Data Data
 Primary Data
 The data collected by the researcher himself
for finding the solution of a particular problem
or situation, is known as ‘primary data’.
 For collecting primary data, researchers need
to take many decisions regarding proper
selection of relevant sources, sampling
techniques, research tools.
 One of the major benefits of primary data is
that its validity and reliability can be verified
by other experts.
 Secondary Data
 When a researcher uses data which
are previously collected by some
other researchers, institutions, or
agencies for their own purpose are
called secondary data.
 The researchers collect secondary
data either from an internal source of
an organisation, or from the published
sources like reports and journals.
 Primary Data Vs Secondary
Basis of Primary Data
Data Secondary Data
Differenc
e
1) The data is collected by the When a data, which was
Meaning researcher himself for finding earlier created by some
the solution of a particular researchers or organisations
problem or situation, is for their own purposes, is
known as primary data. Eg. used in current research for a
Historical and legal similar purpose, it is known
documents, eyewitness as secondary data.
accounts, results of
experiments, statistical data,
pieces of creative writing,
audio and video recordings,
2) Cost The collection of primary It is less costly than primary
data is costly as it includes data collection. The
several tools and techniques. secondary data can be
obtained easily, involving
zero or very less amount of
 Primary Data Vs Secondary
Data
Basis of Primary Data Secondary Data
Differenc
e
3) Sources It is directly collected It is collected from source
from respondents. already available published
or unpublished sources.
4) The methods used fro The methods used fro
Methods primary data collection secondary data collection
include interview, include studying and
questionnaires, analysing reports, journals,
observations, and census, and different
surveys. databases.
5) Primary data is more The reliability of secondary
Reliability reliable as it is original data is comparatively less
and new. reliable, as this data belongs
to different problem or
 Primary Data Vs Secondary
Data
Basis of Primary Data Secondary Data
Difference
6) Scientific The selection of primary The selection of
method data is scientific in secondary data is
nature. It includes manual. It is selected
forming hypothesis according to the content
about the problem or of that source and the
situation, collecting current research topic.
data, and to prove right
or wrong
7) Precautions are A lot of precautions is
Precautions relatively nominal in taken in the selection of
collecting the primary secondary data.
data than secondary.
8) Form Need to be processed Already processed data
that need to be analysed.
 Primary Data Vs Secondary
Data
Basis of Primary Data Secondary Data
Difference
6) Scientific The selection of primary The selection of
method data is scientific in secondary data is
nature. It includes manual. It is selected
forming hypothesis according to the content
about the problem or of that source and the
situation, collecting current research topic.
data, and to prove right
or wrong
7) Precautions are A lot of precautions is
Precautions relatively nominal in taken in the selection of
collecting the primary secondary data.
data than secondary.
8) Form Need to be processed Already processed data
that need to be analysed.
 Classification of Data
Classification is the process of arranging the
available facts into homogenous groups or
classes according to resemblances and
similarities.

“Classification is the process of arranging

the data in sequences and groups according
to their common characteristics, or
separating them into different but related
parts.”
 Types of Classification

Chronological Classification Geographical Classification

(Ascending order of Time)

Qualitative Classification
Quantitative Classification (Gender, literacy, religion,
employment etc.)
Chronological Classification
Year 1970 1971 1972 1973 1974 1975 1976
Birth 36.8 36.9 36.6 34.6 34.5 35.2 34.2
Rate

Geographical
Classification
Countr Americ China Denmar India Fance
y a k
Birth 36.8 36.9 36.6 34.6 34.5
Rate
 Population

Male Female

Employed Unemployed Employed Unemployed

Quantitative Classification

Weight (in Kgs) No. of Students

40-50 50
50-60 200
60-70 260
70-80 150
80-90 90
90-100 40
 Importance of Classification
Classification is important to reduce unnecessary details
and condenses the data.
It is important to comparing data
It is important to establishing the relationship
Between various data characteristics.
Classification is important to further statistical treatment.
 Statistical Methods

Helps in raw data Processing

It is a Process
It is a tool of Analysis
Helps in analyzing the processed data
It remains idle for the want of Statistical Data
 Tabulation of Data
 Tabulation may be defined as the
logical and systematic organization
of statistical data in rows and
columns. It is designed to simplify
presentation and facilitate analysis.