Internal V/S External Sources Of Data Collection
|Meaning||Internal sourcesof data collection means data collected from the documents available with the company||External sources of data collection means the use of data published by external agencies.|
|Use of information||Information available from internal sources can be used directly for research purpose. Modifications are not required||Information available from external sources cannot be used directly as it is. Modifications as per the nature of research work are required.|
|Examples||Purchase records, sales records, periodical sales reports and annual reports are the examples of internal sources of data collection||Trade journals, annual reports of companies, surveys conducted by press, census reports etc. are examples of external sources of data collection.|
|Coverage||Limitedcoverage as they relate to company only.||Wide coverage as they are varied in character|
|Reliability||Internal sources are more reliable as they supply accurate data. Verification of data is not required||External sources may not supply accurate data. Naturally, a verification of data before actual use is necessary|
|Availability||Internal sources areeasily available and that too without any extra cost.
|External sources arenot easily available Money is required to be spent on them.|