Which of the following statements is INCORRECT?
Collecting primary data is not quite expensive both, in the terms of time and money.
Primary Data: Identifying the Incorrect Statement
This section provides a detailed explanation to identify the INCORRECT statement about primary data from the given options. We will analyze each statement based on the characteristics of primary data.
What is Primary Data?
Primary data is raw information collected directly from the source for the first time. Researchers gather this data specifically for their study using methods like surveys, interviews, observations, or experiments. Because it's collected firsthand, it is often considered original and more tailored to the research needs.
Evaluating Each Statement About Primary Data
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Statement 1: Collecting primary data is not quite expensive both, in the terms of time and money.
- This statement suggests that gathering primary data is relatively cheap and quick.
- However, in practice, collecting primary data usually involves significant resources. It requires careful planning, designing research instruments (like questionnaires), fieldwork, travel, personnel costs, and time for data collection and processing.
- For example, conducting a large-scale survey or a series of in-depth interviews requires considerable investment of both time and money.
- Therefore, this statement is generally considered false.
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Statement 2: Primary data are original.
- This statement is true. As primary data is collected directly from the source for the first time by the researcher for their specific purpose, it is inherently original.
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Statement 3: Primary data are those that are collected for the first time.
- This statement accurately defines primary data. The key characteristic is that it is newly gathered information, not previously collected or analyzed by others.
- Conclusion: This statement is correct.
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Statement 4: Primary data are more reliable and suitable.
- This statement is generally true. Since the data is collected specifically for the research objective, the methodology can be controlled by the researcher to ensure accuracy and relevance.
- This makes primary data often more reliable and better suited to the specific research question compared to secondary data, which might have been collected for different purposes or using different standards.
- Conclusion: This statement is correct.
Conclusion on the Incorrect Statement
By analyzing each option, we find that the statement claiming primary data collection is not expensive in terms of time and money is inaccurate. The process is typically resource-intensive.
Thus, the INCORRECT statement is: Collecting primary data is not quite expensive both, in the terms of time and money.
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