Sources of data

In this lesson

1. 0:00 Sources of data in management accounting
2. 2:42 Categorising data types by origin
3. 6:30 Primary versus secondary data explained
4. 8:51 Internal and external information sources
5. 12:35 Government data sources: worked example

About this lesson

Understanding where data comes from—and whether it's reliable for your purpose—is essential for Performance Management and will help you make better recommendations in case studies and exams. The lesson covers three main ways to categorise data: by type (machine and sensor data, transactional data, human-generated data, and social media data), by origin (primary data you collect yourself versus secondary data that already exists), and by source (internal records like accounting systems and HR files, or external sources like government statistics, market research, and industry reports). You'll learn the advantages and drawbacks of each—for example, primary data gives you exactly what you need but costs more, while secondary data is often cheaper or free but may not be a perfect fit. You'll also explore how to use macroeconomic indicators from government and financial sources to forecast business performance. The lesson includes a worked example showing you how to identify which information comes from government sources (employment levels, demographic trends, inflation rates) versus industry-specific or financial press sources (share prices, industry sales averages). This practical skill will help you evaluate data quality and relevance when tackling real case study scenarios.

Duration: 15m