RSB - Data Collection and Evaluation Lesson

Data Collection and Evaluation Lesson

Introduction

Data collection is a process of gathering and measuring information on a topic of interest, with a purpose of answering a research question and/or testing a hypothesis, in order to solve a business problem. Once data, meaning facts and figures, is evaluated and organized, it becomes information that can be used for business decision-making.

“Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision-making, it is a burden, not a benefit.” ~William Pollard

This lesson demonstrates how to collect, analyze, and report data in a proper business format.

Two Sources of Data

There are two sources of data, primary and secondary. Primary data is collected by the researcher themselves, for a specific purpose. Secondary data is collected by someone else, for their own purpose, but then used by the researcher for a specific purpose. The table below shows two types of data, with several examples for each type.

Primary Source	Secondary Source
Interview	Sales Report
Survey (online, phone, in person, by mail)	Trade Association or Group
Mystery Shopper	Census Data
Focus Group	Internet
Product Test	Previous Research

You have learned how to use electronic research tools to locate and evaluate secondary (or existing) data in a previous lesson. In this lesson, we will focus on collecting and evaluating primary data.

However, most research projects utilize both primary and secondary data. In fact, including both types of data, from various sources, is highly desired, as it allows the researcher to present a comprehensive overview of the research topic. Keep in mind that the purpose of business research is to collect information for decision-making purposes, thus data must be accurate and complete.

It is important to formulate a good research question prior to attempting any research. Here is a short tutorial on how to do that!

For scientific studies, you will need to formulate a hypothesis. Here is a short tutorial on how to do that!

Watch the videos below in the video showcase:

1) Survey Respondents - How many survey respondents should I have?

2) Survey Tools - How to create a survey using Survey Monkey.

3) Conducting a Focus Group - A short skit on how NOT to conduct a focus group! This video also contains great information about conducting focus groups effectively.

As you are working on your Business Plan Project, watch a Shark Tank clip!

Then, fill out the information sheet linked in Resources. This will help you to better complete your project.

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