Learning Outcome 5.pptx

Learning Outcome 5 Understand the process flow of informaation Information Sources & Data Types Internal Sources External Sources Primary Data Secondary Data Qualitative Data Quantitative Data Internal Sources Information and data generated within the organisation or entity. Examples include interna...

Learning Outcome 5 Understand the process flow of informaation Information Sources & Data Types Internal Sources External Sources Primary Data Secondary Data Qualitative Data Quantitative Data Internal Sources Information and data generated within the organisation or entity. Examples include internal financial reports, sales reports etc… Internal sources include data from databases, organisational records, and feedback mechanisms. They are crucial for understanding and optimising internal processes, making informed decisions, and monitoring performance. External Sources: Information and data obtained from outside the organisation or entity. For example, supplier price lists, financial reports of competitors. External sources encompass data from industry reports, market research, and external databases. They provide valuable insights into industry trends, competitor activities, and external factors influencing decision-making. Primary Data: Original data collected first-hand for a specific purpose. Examples include reports direct from employees. Primary data is gathered through surveys, experiments, or direct observations. It offers unique and specific insights tailored to a particular research question or organisational need. Typical sources: Interviews, surveys, observations, focus groups, questionnaire etc.. Secondary Data: Existing data collected by someone else for a different purpose but repurposed for a new context. Example could be an interest rate on a loan from a bank, research conducted by a third party. Secondary data includes information from research papers, industry studies, or publicly available datasets. It provides a broader context, saving time and resources compared to collecting primary data, and supports decision-making and analysis. Typical sources, internet, books, research publication, journals, newspapers etc.. Qualitative Data Non-numeric information that describes qualities, characteristics, or attributes. Qualitative data includes narratives, interviews, and open-ended responses. It helps in understanding complex phenomena, exploring attitudes and perceptions, and providing context to complement quantitative findings. Example, peoples opinions on a product, the perception or beliefs of others etc.. Quantitative Data: Numeric information that can be measured and analysed statistically. Quantitative data includes numerical measurements, statistics, and structured survey responses. It facilitates objective analysis, comparison, and trend identification, supporting data-driven decision-making. Examples: Expiry dates, number of people who watch a show, number of staff within a business, sales generated in the month of March etc…