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What are the advantages and disadvantages of selecting an existing instrument for a study as opposed to developing an instrument for that study?

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The main advantages of choosing an existing instrument, whether it is a measuring /assessment tool or a questionnaire or standard interview is in the validity and reliability of the instrument. Such tools have usually been rigorously piloted, tested and re-tested to ensure they are valid ( accurately measure what they are designed to measure) and reliable (consistently measure what they are ...