Question

Explain how you will implement the solution. Indicate how you will know that an improvement will take place when you implement the project. Describe the data collection plan.

Answer 1

Data is a collection of facts, statistics, objects, symbols, and events that have been acquired from various sources. Businesses collect data to make more informed judgments. Organizations would struggle to make appropriate judgments if they did not have data; this data is collected from various audiences at various periods in time.

 

For example, before releasing a new product, a company must gather information on product demand, customer preferences, and rivals. If data is not collected in advance, the newly introduced product of the business may fail for various reasons, including a lack of demand and an inability to meet client expectations.

 

Data collection plan:-
A) primary
i) Techniques of Projection:
When potential respondents are aware of why they are being asked questions and are hesitant to respond, projective data collection is used. If a cell phone provider representative asks inquiries about their service, the person may be reluctant to answer. In projective data collection, respondents are given an incomplete question and must fill in the blanks with their thoughts, feelings, and attitudes.

 

ii) Interviews:

The researcher asks many questions, either through direct or mass-communication such as phone or mail.

 

iii) Delphi Technique:

The Oracle of Delphi was indeed the head oracle of Apollo's temple that dispensed guidance, prophesies, and advice, according to Greek myth. Researchers use the Delphi method to gather data from a committee of experts in data collection. Every expert responds to questions in their field of expertise, and the responses are compiled into a simple sentence.

 

iv) Focus Groups:
Focus groups, like interviews, are a typical method of gathering information. The group comprises a half-dozen to a dozen persons called together to discuss the problem by a moderator.

 

v) Questionnaires:-
Questionnaires are a straightforward way to collect data. Respondents are asked a series of open-ended or closed-ended questions about the topic at hand.

 

B) Collecting secondary data
There are no defined collection methods, unlike primary data collection. Instead, because the data has already been gathered, the researcher reviews a variety of data sources, including:

i) Statements of Financial Position
ii) Reports on Sales
iii) Feedback from the retailer/distributor/deal
iv) Personal Data of Customers (e.g., name, address, age, contact info)