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Let the past be in the past! It not only applies to failures but for expanses also. Do not think of money lost while making decisions about the future- says economics!

Always think of this before making any decision!

Happy friendship day!🥳
They say money destroy friendship. Well not always!

The last data gathering method in this series is statistical sampling. Imagine you are making chocolates..the automated machine gives you final wrapped 🍫. You just have to add ingredients. Now you cannot check taste of each and every chocolate to maintain quality. What you do is take 1 each 100 chocolates to check if everything is okay. This is statistical sampling !

We know money loses value over time 😟..what $1 worth 10 years ago is surely not the same today! How does it happen? How to compare these two values?





The answer is Present Value!

8th method is Questionnaire and survey method to collect data. You may have answered n number of surveys in insta stories. Here I have also shed some light on the longest study in history. The grant study of happiness. Check it out!

I thought about sitting in Starbucks here about how their products are always in demand. Here's the answer. In my opinion, market research, which is a part of 'Marketing' research is the most important data gathering method. Take Starbucks for example. Starbucks does deep market research before launching new products. That is why all Starbucks products are always in demand. It is also fascinating to read about how they captured trend of dairy-free coffee. As the awareness about milk substitutes increased, so does the variety Sfarbucks have provided.

6th in this series of data gathering methods is' Interview'. Talking to experts always help. Interviews that I liked https://youtu.be/W8RmWPqBiBo
https://youtu.be/2hdDE7XYr30
Not just interviewees are legends interviewers are also knowledgeable.

How will you feel if banks are paying you interest on your housing loan or a vehicle loan?
It is called as negative interest rate and it is a reality in some countries.

The next data gathering method is discussion in focus groups. The group of people who actually are expert or experienced in similar projects. The people who actually know something. They come together and discuss the pros and cons of presented ideas. Unlike brainstorming, ideas are evaluated. Please like and follow for more ❤.

Like every other thing, too much inflation is a bad thing! What happened in Venezuela is a lesson to be learned. Check out this post to know more about price hike, it's effects and causes. What do reserve banks do to control inflation?




Like every other thing, too much inflation is a bad thing! What happened in Venezuela is a lesson to be learned. Check out this post to know more about the price hike, its effects, and causes. What do reserve banks do to control inflation?on?ion?

Check sheets are probably the oldest way to collect the data. Have you used any Check sheet? Tell me in comments!