MGM330-0704A-04 Business Decision-Making - Phase 1 DB Essay

MGM330-0704A-04 Business Decision-Making - Phase 1 DB - Essay Example This discussion describes the different data collection methods, the issues associated with them and the situations each method is more suitable for. Social studies is a field which utilizes a lot of statistics in its studies. In order for some of the data to be unbiased a common method utilized to study human behavior and obtain qualitative or quantitative data is observation. Observation is a controversial data collecting method when utilized without people knowing there are being watched in scenarios such as in a public place. Interviews are very effective data collection methods for statistics involving in fields such as human resources. The data collected is easy and cheap to acquire, but at times sophisticated statistical models involving techniques such as hypothesis tests or multiple regression models are required (McClave & Benson & Sincich, 2001). A survey is a simple to implement data collection method. It can be utilize to obtain data extremely fast and allows the opportunity to be performed electronically because of its simplicity with the assistance of the internet. In the case of Piggy banking this company could utilize this data collection method in a lot of applications at the bank. A bank can create surveys and place them anywhere in the branch for customers to answer while they are waiting for a finance official to provide them with service at the branch. Another method that is commonly used to obtain data that can be utilized in statistical work is research. Research is an effective method to obtain secondary data. Secondary data is obtained utilizing readily available sources, in other words the data is collected by someone else and utilized by the researcher for a statistical study (Fao). This data can be collected extremely fast. On the other primary data which is collected by the researcher himself/herself is a very time consuming task. At times secondary data is not available and the only way to