MANAGEMENT

Detailed explanation-1: -Primary data is very expensive while secondary data is economical. When working on a low budget, it is better for researchers to work with secondary data, then analyze it to uncover new trends. In fact, a researcher might work with both primary data and secondary data for one research.

Detailed explanation-2: -Primary research usually costs more and often takes longer to conduct than secondary research, but it gives conclusive results. Secondary research is a type of research that has already been compiled, gathered, organized and published by others.

Detailed explanation-3: -Secondary data analyses are for the most part significantly cheaper and quicker to complete than primary data analyses because you’re not collecting the data yourself. The data has often been prepped and validated statistically and can be used immediately.

Detailed explanation-4: -Primary research is often more expensive than secondary research because it requires more time and resources to collect the data. Secondary research is a more cost-effective option because it relies on existing data sources. The accuracy of the data is also an important consideration.

Detailed explanation-5: -Primary data is more accurate and reliable because it comes from a direct source. It’s faster and easier to collect primary data than secondary data, which can take weeks or even months to collect.