- Describe the goal of the project.
The goal of this project is to view how the purchasing power parity of countries compare and how they change over time.
- Describe the data used or collected.
The data used used, which is extensive, has 1,386 observations and 19 variables. These variables include the country name, the price of a McDonald's burger in said country in both the local currency and the US dollar, the local currency's exchange rate with respect to the the US dollars and teh GDP of that country. This data was compiled by "The Economist".
- Describe how the research question will be answered, e.g. what approaches / methods will be used.
The research question will be answered mainly through the use of static visualisations and summary statistics, the prior of which is mainly bar plots as the variable "country" is categorical in nature. As for the summary statistics, most comparisons will be done by dividing the local price of one country by thelocal price of another. This will give the relative price difference. Further, the group will look at how the PPP varies when the GDP of a country changes.
- Is there anything that is unclear from the proposal?
What is unclear from the proposal is how the group is going to deal with the date variable. There is mention to a possible pre-covid and post covid analysis, however, apartfromthis there is no explicit mention of how teh variable will be used. Further, the summary statistics provided in the proposal give very little quantitative analysis about the vast majority of the data that is present in the data set, and seem to focus on one of the questions posed. Also, the GDP column has no data, so it is unclear how anyanalysis on this will be done.
- Provide constructive feedback on how the team might be able to improve their project.
The variables need to be explained withmroe detail as someone without a background in economics may be confused by the terms being used. Also, more summary statistics exploring the data may help in getting a view of the data. Also, though the data set has many variables, almost half are of no use as they are empty. Though the variables present are enough to complete the necessary analysis, having a more expansive data set may have led to more interesting questions being answered. However, the way in which the group explained what they were going to do with the data was very rigorous and well explained as well as justified.
- What aspect of this project are you most interested in and would like to see highlighted in the presentation.
The pre-covid and post-covid analysis is very interesting and makes use of the date variable in a very unique and relevant way. Also the looking at the relationsip between PP and GDP can prove to show unexpected results, which can lead to intersting analyses.
- Provide constructive feedback on any issues with file and/or code organization.
The code that was typed in the proposal was very neat and organised, though more summary statistics may have given me a better view of the data. The codebookcould've explained terms more clearly giving persons of a non-economics background context.
- (Optional) Any further comments or feedback?
The goal of this project is to view how the purchasing power parity of countries compare and how they change over time.
The data used used, which is extensive, has 1,386 observations and 19 variables. These variables include the country name, the price of a McDonald's burger in said country in both the local currency and the US dollar, the local currency's exchange rate with respect to the the US dollars and teh GDP of that country. This data was compiled by "The Economist".
The research question will be answered mainly through the use of static visualisations and summary statistics, the prior of which is mainly bar plots as the variable "country" is categorical in nature. As for the summary statistics, most comparisons will be done by dividing the local price of one country by thelocal price of another. This will give the relative price difference. Further, the group will look at how the PPP varies when the GDP of a country changes.
What is unclear from the proposal is how the group is going to deal with the date variable. There is mention to a possible pre-covid and post covid analysis, however, apartfromthis there is no explicit mention of how teh variable will be used. Further, the summary statistics provided in the proposal give very little quantitative analysis about the vast majority of the data that is present in the data set, and seem to focus on one of the questions posed. Also, the GDP column has no data, so it is unclear how anyanalysis on this will be done.
The variables need to be explained withmroe detail as someone without a background in economics may be confused by the terms being used. Also, more summary statistics exploring the data may help in getting a view of the data. Also, though the data set has many variables, almost half are of no use as they are empty. Though the variables present are enough to complete the necessary analysis, having a more expansive data set may have led to more interesting questions being answered. However, the way in which the group explained what they were going to do with the data was very rigorous and well explained as well as justified.
The pre-covid and post-covid analysis is very interesting and makes use of the date variable in a very unique and relevant way. Also the looking at the relationsip between PP and GDP can prove to show unexpected results, which can lead to intersting analyses.
The code that was typed in the proposal was very neat and organised, though more summary statistics may have given me a better view of the data. The codebookcould've explained terms more clearly giving persons of a non-economics background context.