Explain how to assess the available project data and obtain more information from alternative sources in situation where the available project data is insufficient

Solution
Q. Explain how to assess the available project data and obtain more information from alternative sources in situation where the available project data is insufficient.
A. Why project research data is important.
One of the essential moves in business management in the last decade has been the persistent incorporation of the internet by management at every inch of decision making. In project research and data assessment, both the method and the tools needed to minimize the risk in decision making. More precisely, it is a method of project research design, data collection, data analysis and assessment of the significant data, result and perceptions to experts in regards to help the company to yield needful steps that in order to impact the performance. Assessing the project research data is crucial in terms of
1. Data/Information overload.
2. Technological relationship.
3. Financial impact and competition.
4. Progressively market data analysis.
5. Government policy and guidelines.
6. Confrontation of systematical forte.
7. Exploring different angle on research methodologies.
There are four type of project research methods.
a. Reporting.
b. Descriptive.
c. Explanatory.
d. Predictive
When project has insufficient data, most advisable research method is predictive. On daily basis project’s data explains with different degree of accomplishment and connect our results in regular words especially in terms of indicator and rational methods.
In predictive research method data assessment or analysis could be done in two ways.
1. Inductive – It helps the researcher to conclude from the data or evidence in designing the activities of the research. Researcher may utilize existing theory, observation, data etc. from known sources.
2. Deductive – It helps the researcher to establish the end results from consequent data. This analysis is important in terms of evolving theories and assisting the evaluation process. Particularly, when the availability of data is insufficient or inaccurate deductive is the best approach.
B. Research Project Design:
It is the basic framework for achieving the aims and objectives of the project. Choosing a research design may be hard by the accessibility of enormous methods and techniques. Even though following research on a particular issue from a different method, different technique is not easy. Most importantly the positive side of different advance designs should be studied before finalizing the ultimate one.
B.1.Data Type:
Research data could be identified as two types.
a. Qualitative - Data which described as not in the form of number like group name, gender, type etc.
b. Quantitative - Data which describe as in the form of number like age, temperature, weight etc.
Ideal research data should be in both forms i.e., qualitative and quantitative. To get a more accurate and precise data, research’s horizon should be in diversify terms.
B.2. Sample Design –
Next stage in design the research project is to isolate the target population like people, groups, events, records etc. which consist of the required information in regards to the project. A sample reviews a part of the target population and that part must be select carefully. In sample design researcher must rationalize the data in terms of exact numeric number, basis on which research data should be studied or analyzed.
        B.3. Parameters:
Target population parameters must be found out in terms of incidence, proportion, mean, standard deviation etc. Sample statistics are explanations of those same related variables which will be calculate from the sample data. Sample statistic is the form which measure the population parameter. Therefore, finalizing the parameter of interest will calculate the sample type and its size. These parameters are generally in four types:
a. Ordinal – It is a qualitative data like ranking, order, scaling etc. This type of data deals to order the categories.
b. Nominal – It is a qualitative data too. It deals with categories but no ordering or direction.
c. Interval – It is a quantitative data. It deals with the differences between the estimates but it never should be true zero.
d. Ratio – It is a quantitative data too. It deals with the differences between the estimates but it could a true zero sometimes.
B. 4. Sampling Methods:
Research fundamentally meets with two choices:
1. Probability Sample – It can make probability-based confidence measurements of various parameters that could not possible to calculate with non-probability sample. There are few steps researcher has to follow when choosing the probability sample:
a. Once selection has done no one can modify that.
b. Only the selected parts from the targeted population structure should be included.
c. Exchanges are not included until it was clearly mentioned and review to preset decision policy.
2. Non probability Sample – If research could not be possible with probability sample or any specific errors are found on probability sample which is not possible to avoid then non probability sample method should be consider, but it has to be specified clearly why research choose for the non-probability sample.
B.5 Sample Size:
The most general...