Documente Academic
Documente Profesional
Documente Cultură
MSc. Economics
Spring 2012
Submitted to:
All praises to Allah Almighty, the merciful the most gracious who enables me to complete assignment. I feel great pleasure and gratitude to my teachers class fellows and my friends who enable me to complete a productive research study of my topic.
My special thanks to Mr. Badar Nadeem Ashraf for providing me relevant information and guidance and support to compile the practical study at Attock Petroleum limited.
I feel great pleasure to submit this report to my honorable teacher Mr. Muhammad Ayub Sheikh whose guidance and support helped me to complete this assignment.
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Executive Summary
This assignment is a research-oriented activity which represents both the theoretical and practical implication of the topic. In the first section of this assignment, I explain the theoretical aspects of the topic and all major parts has been explained which are involved in the Use of Primary Data in Business Research.
For empirical study, I select Attock Petroleum Limited (APL) and study their method of using primary data for research in business instruments.
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TABLE OF CONTENTS:
Executive Summary................................................................................................................................. 3 Introduction To The Topic:...................................................................................................................... 5 Primary Data: .......................................................................................................................................... 6 Sources of primary data: ......................................................................................................................... 6 1. 2. 3. 4. Observations ............................................................................................................................... 6 Interviews.................................................................................................................................... 7 Questionnaire ............................................................................................................................. 8 Surveys ........................................................................................................................................ 9
Importance of Primary Data: ................................................................................................................ 10 Organization Profile: ............................................................................................................................ 11 Study in Account Receivable Department ............................................................................................ 12 Collection Methods: .......................................................................................................................... 12 Problem statement: .......................................................................................................................... 12 Process of study: ............................................................................................................................... 12 Findings of the Study: ....................................................................................................................... 12 Suggestions: ...................................................................................................................................... 13 Implementation ................................................................................................................................ 13 Conclusion: ....................................................................................................................................... 14 Annex-A ................................................................................................................................................. 15 Annex B ................................................................................................................................................. 16 Graphical presentation: ........................................................................................................................ 23
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Data:
Data can be defined as the quantitative or qualitative values of a variable. Data is thought to be the lowest unit of information from which other measurements and analysis can be done. Data can be numbers, images, words, figures, facts or ideas. Data sources are broadly classified into primary and secondary data.
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Primary Data:
Primary data are those which are collected afresh and for the first time. Investigator collects the data for his particular purpose from the sources available. They are original in character. Primary data has not been published yet and is more reliable, authentic and objective. Primary data has not been changed or altered by human beings; therefore its validity is greater than secondary data. Primary data is collected specifically to address the problem in question and is conducted by the decision maker, a marketing firm, a university or Extension researcher, etc.
1.
Observations:
Observations involve taking organized notes about occurrences in the world. Observations provide us insight about specific people, events, or locales and are useful when we want to learn more about an event without the biased viewpoint of an interview.
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Types of observations:
i. Direct Observations Observing some actual event or action and noting its details. Indirect Observation Event has been done but just sec traces of an action or event. Traces mean the remaining of that event. Structured Observation W hen an obser vat ion is f ocused on one it em/ aspect of act ion or event ,t hen it known as structured Observation. Unstructured Observation W hen O bser vat ion is f ocused on m ul t i it em s/ aspect s of t he act ion & Event or when we are observing each and every thing then it is known as unstructured observation.
ii.
iii.
iv.
Advantages:
Disadvantages:
2.
Interviews
Interviews are one-on-one or small group question and answer sessions. Interviews provide a lot of information from a small number of people and are useful when we want to get an expert or knowledgeable opinion on a subject.
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Modes of Interviews
Interview can be conducted through various modes. Face to face interview. On-line interview. Telephonic interview.
Advantages:
Excellent for in-depth testing of research hypotheses and insights into the psyche of buyers. Access to qualitative data. Ability to explore and probe responses.
Disadvantages:
Expensive and time consuming Respondents may be reluctant to share personal beliefs and information Possibility of interviewer bias
3.
Questionnaire
A questionnaire consists of a series of questions and other prompts for the purpose of gathering information from respondents. In contrast to the interview, the questionnaire is a term used for almost any tool that has questions to which individuals respond. It is usually associated with self-administered tools with items of the closed or fixed alternative type.
Modes of Questionnaires:
Self-Administered Questionnaires Mail Questionnaires E-Mail Questionnaires Face-to-face questionnaire
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Advantages:
Economical and requires less skill Places less pressure on the respondents for immediate response Uniformity of Questions
Disadvantages:
Low percentage of return Time consuming process Many people find it difficult to write
4.
Surveys
Surveys are a form of questioning that is more rigid than interviews and that involve larger groups of people. Surveys provide a limited amount of information from a large group of people and are useful when we want to learn what a larger population thinks. The most common modes of surveys can be summarized as: Telephone Mail (post) Online surveys Personal in-home surveys Personal mall or street intercept survey
Advantages:
Quantitative data provides rigorous foundation for other qualitative methods Data easy to tabulate and generalize from assuming high enough sample size Depending on distribution channel, relatively inexpensive
Disadvantages:
Limited ability to probe responses, so questions need to be simple Difficult and/or expensive to achieve statistical analysis.
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1. Validity: Validity is the quality of a research that makes it trustworthy and scientific. Validity is the use of scientific methods in research to make it logical and acceptable. Using primary data in research can improves the validity of research. First hand information obtained from a sample that is representative of the target population will yield data that will be valid for the entire target population.
2. Authenticity:
Authenticity is the genuineness of the research. Authenticity can be at stake if the researcher invests personal biases or uses misleading information in the research. Primary sources are more authentic because the facts have not been overdone. Primary source can be less authentic if the source hides information or alters facts due to some personal reasons.
3. Reliability:
Reliability is the certainty that the research is enough true to be trusted on. For example, if a research study concludes that junk food consumption does not increase the risk of cancer and heart diseases. This conclusion should have to be drawn from a sample whose size, sampling technique and variability is not questionable. Reliability improves with using primary data. In the similar research mentioned above if the researcher uses experimental method and questionnaires the results will be highly reliable. On the other hand, if he relies on the data available in books and on internet he will collect information that does not represent the real facts.
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Practical Study
Organization Profile:
The Attock Petroleum Limited (APL) is one of four oil marketing companies in Pakistan to be granted a license (in February, 1998). Attock Petroleum is part of the Attock Group of Companies, which is the only fully integrated group in the oil & gas sector of Pakistan involved in exploration & production, refining & marketing. Attock Petroleum's corporate head office is registered in Islamabad. APL is one of the fastest growing oil marketing companies in Pakistan, having successfully established its network of petrol pumps in NWFP & Punjab. APL is presently strengthening its presence in major urban areas such as Karachi, upper Punjab and Afghanistan. APL outlets are fully equipped with modern hardware and service techniques to provide extraordinary service to customers, including CNG at selected stations. Other facilities like tire shop, mosques, and rest areas are also on-site. In order to further increase its market penetration, APL has recently entered into a hospitality arrangement with other oil marketing companies to focus on retail development in high volume generating areas (e.g. major cities and highways). In line with this objective, APL has already applied for the required Non-Objection Certificates (NOCs) for prime locations in Islamabad, Lahore and Peshawar. For better controls and improved customer service at sites, APL also operates a quality assurance unit, for on-site testing of petroleum products. Currently APL has 149 outlets in Pakistan. APL has also opened two petrol stations in Jalalabad, making APL the first oil marketing company in Afghanistan.
At present APL is enjoying a wide storage network at the following different locations: Rawalpindi Bulk Oil Terminal (RBT), Rawalpindi Korangi Bulk Oil Terminal (KBT), Karachi Machike Bulk Oil Terminal (MBT), Machike Sheikhupura
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Problem statement:
Recently, Company launched a project in its Account Receivable department for finding ways of accelerating its cash collection process of banking instruments by finding better alternatives.
Process of study:
Study was taken-up by using historical data pertinent to banking Instruments received and entered into Company database at different sites during January 2012 to April 2012. Study involved following steps; Data (Primary Data) entered at each of seven Company sites relevant to Banking Instruments was queried for using in study. Annex A contains a part of a file that was queried for Lahore Site. After data manipulation, a list of banks for each site containing instruments amounts in higher to lower order was prepared as attached in annex B. Then consolidated list containing data relevant to all sites was prepared by using lists for individual sites as attached in annex B.
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Suggestions:
Following two solutions were suggested for acceleration of cash collection process. Opening new online account with MCB that was used by most of the customers for banking instruments. Encourage existing customers to deposit their payments for the product in Companys online account.
Implementation:
Company contracted with MCB for Online Collection by opening new online account. Company informed customers about online branches by letters.
Company announced a discount scheme for customers depositing amount in Companys online account.
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Conclusion:
The use of primary data is very important and vital in nature for business research. By using primary data and analyzing it, company officials were able to find the solution to the problem of delay in cash collection process. They contracted with MCB for an online account which enables them to accelerate the cash collection process.
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Annex B
Bankwise Detail of Demand Draft Amounts received from Retail Outlet customers during 1st January 2012 to 5th April 2012
All Sites Consolidated Data
Sr. No.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Bank Name
Muslim Commercial Bank Ltd. (MCB) Habib Bank Ltd. (HBL) Allied Bank Ltd. (ABL) United Bank Ltd. (UBL) Bank Alfalah Ltd. (BAL) Askari Commercial Bank Ltd. Meezan Bank Ltd. (MBL) National Bank of Pakistan (NBP) KASB Bank Ltd. Bank of Punjab (BOP) Faysal Bank Ltd. (FBL) Bank Al Habib Ltd. (BAHL) Soneri Bank Ltd. JS Bank Ltd. NIB Bank Ltd. Bank of Khyber (BOK) Standard Chartered Bank Ltd. (SCB) Summit Bank Ltd. Al-Baraka Bank Ltd.
Amount (Rs.)
4,050,309,326.00 2,089,416,498.41 1,876,919,436.00 1,400,288,580.00 760,155,340.90 571,841,311.00 545,163,467.00 331,044,093.00 281,143,079.00 260,825,195.00 251,749,351.00 214,322,190.00 178,044,526.00 132,142,568.00 98,779,228.40 55,217,285.00 54,713,123.00 42,779,859.00
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Total
Bankwise Detail of Demand Draft Amounts received from Retail Outlet customers during 1st January 2012 to 5th April 2012
RAWLPINDI SITE Sr. No.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Bank Name
Amount (Rs.)
683,245,474.00 569,617,050.00 390,823,293.00 270,215,668.00 254,421,848.00 210,946,100.41 152,396,858.00 151,027,415.00 135,837,685.00 51,860,270.00 37,850,225.00 59,001,712.00 24,003,626.00 23,906,741.00 26,323,758.00 13,573,700.00 29,046,180.00
Muslim Commercial Bank Ltd. (MCB) United Bank Ltd. (UBL) Allied Bank Ltd. (ABL) Askari Commercial Bank Ltd. KASB Bank Ltd. Habib Bank Ltd. (HBL) Meezan Bank Ltd. (MBL) Bank Alfalah Ltd. (BAL) National Bank of Pakistan (NBP) Faysal Bank Ltd. (FBL) JS Bank Ltd. Bank Al Habib Ltd. (BAHL) Bank of Punjab (BOP) Dubai Islamic Bank Ltd. (DIB) NIB Bank Ltd. Soneri Bank Ltd. Bank of Khyber (BOK) Al-Baraka Bank Ltd.
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Total
3,106,790,831.41
Bank Name
Amount (Rs.)
1,710,872,899.00 1,178,997,153.00 947,881,470.00 459,384,717.00 300,613,050.00 259,379,360.00 200,846,287.00 135,204,168.00 127,596,074.00 109,318,386.00 65,255,653.00 56,414,633.00 53,751,680.00 43,305,820.00 35,271,850.00 28,612,500.00 10,508,050.00
Muslim Commercial Bank Ltd. (MCB) Habib Bank Ltd. (HBL) Allied Bank Ltd. (ABL) United Bank Ltd. (UBL) Meezan Bank Ltd. (MBL) Bank Alfalah Ltd. (BAL) Askari Commercial Bank Ltd. Faysal Bank Ltd. (FBL) Bank of Punjab (BOP) Soneri Bank Ltd. NIB Bank Ltd. National Bank of Pakistan (NBP) JS Bank Ltd. Silk Bank Ltd. Standard Chartered Bank Ltd. (SCB) Bank Al Habib Ltd. (BAHL) Summit Bank Ltd KASB Bank Ltd.
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Total
5,749,835,865.00
Bank Name
Amount (Rs.)
925,077,274.00 414,722,499.00 295,371,427.00 211,018,053.00 175,421,599.00 36,216,861.00 16,557,141.00 16,022,000.00 14,252,530.00 13,003,625.00 11,032,075.00 9,060,670.00 8,710,113.00 7,196,360.00 6,685,819.00 1,300,000.00
Muslim Commercial Bank Ltd. (MCB) Allied Bank Ltd. (ABL) Habib Bank Ltd. (HBL) Bank Alfalah Ltd. (BAL) United Bank Ltd. (UBL) Bank of Punjab (BOP) KASB Bank Ltd. Bank Al Habib Ltd. (BAHL) Faysal Bank Ltd. (FBL) Askari Commercial Bank Ltd. JS Bank Ltd. National Bank of Pakistan (NBP) Meezan Bank Ltd. (MBL) Standard Chartered Bank Ltd. (SCB) Al-Baraka Bank Ltd. NIB Bank Ltd.
Total
2,161,648,046.00
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Bank Name
Amount (Rs.)
399,008,227.00 139,785,297.00 88,695,210.90 78,474,000.00 60,208,878.00 55,152,440.00 48,314,991.00 47,793,000.00 27,471,809.00 24,193,848.00 15,133,483.00 6,781,380.00 4,042,996.00 3,419,913.00 3,168,160.00 5,899,817.40
Muslim Commercial Bank Ltd. (MCB) Habib Bank Ltd. (HBL) Bank Alfalah Ltd. (BAL) National Bank of Pakistan (NBP) Bank Al Habib Ltd. (BAHL) Soneri Bank Ltd. Meezan Bank Ltd. (MBL) Askari Commercial Bank Ltd. Summit Bank Ltd United Bank Ltd. (UBL) Faysal Bank Ltd. (FBL) Allied Bank Ltd. (ABL) Meezan Bank Ltd. (MBL) Standard Chartered Bank Ltd. (SCB) Bank of Khyber (BOK) NIB Bank Ltd.
Total
1,007,543,450.30
Bank Name
Amount (Rs.)
93,150,150.00
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Total
Bank Name
Muslim Commercial Bank Ltd. (MCB) Habib Bank Ltd. (HBL) United Bank Ltd. (UBL) JS Bank Ltd. Allied Bank Ltd. (ABL) Bank Alfalah Ltd. (BAL) National Bank of Pakistan (NBP) Faysal Bank Ltd. (FBL) Bank of Punjab (BOP) Standard Chartered Bank Ltd. (SCB) Meezan Bank Ltd. (MBL)
Amount (Rs.)
103,358,913.00 92,598,321.00 46,262,332.00 29,508,588.00 17,318,425.00 9,009,994.00 3,425,000.00 2,815,000.00 2,044,000.00 1,225,000.00 500,000.00
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Bank Name
Amount (Rs.)
135,596,389.00 96,687,435.00 94,486,218.00 65,978,125.00 34,628,455.00 24,029,200.00 18,431,445.00 5,255,000.00 2,871,300.00 1,938,000.00
479,901,567.00
Muslim Commercial Bank Ltd. (MCB) Allied Bank Ltd. (ABL) United Bank Ltd. (UBL) Meezan Bank Ltd. (MBL) Bank Alfalah Ltd. (BAL) Bank of Khyber (BOK) Faysal Bank Ltd. (FBL) Bank Alfalah Ltd. (BAL) National Bank of Pakistan (NBP)
Total
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Graphical presentation:
Muslim Commercial Bank Ltd. (MCB) Habib Bank Ltd. (HBL) Allied Bank Ltd. (ABL) United Bank Ltd. (UBL) Bank Alfalah Ltd. (BAL) Askari Commercial Bank Ltd.
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