Information Gathering and Business/ Accounting Techniques
Primary data Primary data is the information collected for the specific purpose at hand. Gathering primary data might involved several approaches such as questionnaire, interview and observations. Compare to collecting secondary data, gathering primary data is more costly and time-consumed. Therefore there will be no gathering of primary data in this research and analysis process. Secondary data Secondary data is the information that already exists or has been collected by a third party for another purpose. Typically, secondary data are used in the beginning to develop a plan for gathering primary data.
Secondary data is used for exploratory purposes. People usually start gathering secondary data because secondary data can be obtained more quickly and at a lower cost than primary data. Almost all the data collected for this research and analysis report is secondary data. This is because secondary data can be gathered in lower cost and less time consumed. It is also very easy to be obtained through books and surfing the internet. Methods used to collect data To do this research and analysis project, collecting data is essential.
Information Gathering and Business/ Accounting Techniques Essay Example
The objective of this research is to evaluate company’s performance; therefore most of the data needed must be related to the company. During the evaluation process, I have also referred to some academic text and books for some guidance on accounting and business techniques. All data that I gathered for this research and analysis project are secondary data. I have categorised the sources of these data into two categories, which is books and internets. Books There are some books that I referred for some guidance on accounting and business techniques which I have used in the analysis and evaluation process.
Some of the books are borrowed from library, some are my own books. Internet Collecting information through data searching online is very convenient. The main advantages of online over traditional data collecting methods are the speed and low costs. There is much information available on the company’s official website such as annual reports which is available to be downloaded. Other than company’s website, there are some available analysis reports from independent research firms, which is also very useful. Limitations of collecting secondary data The sources of data gathered for this research and analysis project are all secondary data.
Secondary data can be collected easily from many ways at a very low cost and more quickly than primary data and research. However, secondary data have some limitations that the users of data need to be aware of. The following are limitations of using secondary data. The secondary data can be general and vague and may not really assist the research process. Secondary data is often out of date. This can impact the current research and analysis because outdated information is not reliable. The size of sample used to generate the secondary data maybe too small. The analysis result will contain more error if sample size is too small.
The publisher of the data may not be reputable and the information published by them may not be accurate. Business and accounting techniques and their limitations Business models or frameworks will be used as tools to analyse the company in this research and analysis report. However, business models have their limitations that may have some impact to the result or process of performance evaluation. The following are the brief introduction of the business and accounting techniques (models) that I will use to analyse the company’s performance and their limitations.