In: Economics
Data must possess some key characteristics. Using the example in a ''NEW METRO EXPRESS PROJECT'' , elaborate on the following: RELIABLE, TIMELY, And COMPLETE
1. Reliable and Consistent:
Data collected must be reliable at all times, no matter the source or where the data has been collected from. Inaccurate data leads to inaccurate inferences which in turn lead to disasters in projects. In the case of the metro, for example if we collect the data for the number of houses that have to be uprooted to build the metro stations, we need reliable data so that, the government can provide houses for them, if the data is off by even one point, a person could be homeless which is not what the government wants.
2. Timely:
Data must be collected in a timely and efficient manner. Data collected to late or too early leads people to come to inaccurate assumptions or reach conclusions that are not valid. For example, staying with the example given above, if the data collected for uprooting homes was done in 2014, while the project is set to take place in 2019, the data by year 2019 will be inaccurate as people could have left those homes, or more people could have started living in these houses. Therefore it is important for data to collected in a timely manner.
3. Complete:
Data should always be complete, incomplete data could lead to inaccurate solutions or findings. If there are 100 houses that need to be uprooted but data has only been collected for 80 houses this will lead to a lot of problems in the future, hence it is important to have complete data.