- Describe the goal of the project.
The goal of the project is to research how Purchasing Power Parity (PPP) has changed over the years across different countries and the team will be doing this by using the Big-mac Index dataset.
- Describe the data used or collected.
The data used is the Big-mac Index and has 1,520 observations and 19 variables. Variables include data, currency code, local price, the US dollar price, the local currency's exchange rate in respect to the US dollar as well as the GDP of the country. In addition, the data was compiled by "The Economist".
- Describe how the research question will be answered, e.g. what approaches / methods will be used.
Many approaches will be used such as visualisations, statistical methods and exploratory analysis in order to answer the research question in detail. Bar plots will be used as the country variable is a categorical variable. Furthermore, summary statistics will be used and the local price of one country will be divided by the local price of alternative countries therefore giving us relative price differences between different countries. In addition, the research group will look at how PPP changes as the GDP of a country changes.
- Is there anything that is unclear from the proposal?
One aspect that stands out is the fact that the GDP column has no data thus meaning that it is unclear how analysis will be done on this variable. Furthermore, there is no mention in the proposal of how the team is going to use the date variable in order to conduct analysis which is an important aspect of the research as time is part of the question. There isn't much quantitative analysis on the majority of the data so there is a lot of unanswered questions on what will be done with it.
- Provide constructive feedback on how the team might be able to improve their project.
An essential aspect that needs to be improved is the explanation of variables as there needs to be more detail on this. I am economics student so I understand a lot of the terminology that is used in the proposal but if I wasn't a student of economics I might not therefore I suggest defining all technical terms in the project. A lot of the variables in the dataset contain no data therefore they are no use to the research. I would recommend getting rid of these blank variables. Overall, the project seems very interesting and well planned out!
- What aspect of this project are you most interested in and would like to see highlighted in the presentation.
The difference in developing and developed countries as I am an economics student this aspect would really interest me as I would expect that the relative price of big macs will be a lot cheaper in developing countries than in developed countries on average.
- Provide constructive feedback on any issues with file and/or code organization.
More summary statistics would have been beneficial but overall the code is organised and visually appealing. However, as suggested earlier I would define the technical economic terms before proceeding with the rest of the project.
- (Optional) Any further comments or feedback?
The goal of the project is to research how Purchasing Power Parity (PPP) has changed over the years across different countries and the team will be doing this by using the Big-mac Index dataset.
The data used is the Big-mac Index and has 1,520 observations and 19 variables. Variables include data, currency code, local price, the US dollar price, the local currency's exchange rate in respect to the US dollar as well as the GDP of the country. In addition, the data was compiled by "The Economist".
Many approaches will be used such as visualisations, statistical methods and exploratory analysis in order to answer the research question in detail. Bar plots will be used as the country variable is a categorical variable. Furthermore, summary statistics will be used and the local price of one country will be divided by the local price of alternative countries therefore giving us relative price differences between different countries. In addition, the research group will look at how PPP changes as the GDP of a country changes.
One aspect that stands out is the fact that the GDP column has no data thus meaning that it is unclear how analysis will be done on this variable. Furthermore, there is no mention in the proposal of how the team is going to use the date variable in order to conduct analysis which is an important aspect of the research as time is part of the question. There isn't much quantitative analysis on the majority of the data so there is a lot of unanswered questions on what will be done with it.
An essential aspect that needs to be improved is the explanation of variables as there needs to be more detail on this. I am economics student so I understand a lot of the terminology that is used in the proposal but if I wasn't a student of economics I might not therefore I suggest defining all technical terms in the project. A lot of the variables in the dataset contain no data therefore they are no use to the research. I would recommend getting rid of these blank variables. Overall, the project seems very interesting and well planned out!
The difference in developing and developed countries as I am an economics student this aspect would really interest me as I would expect that the relative price of big macs will be a lot cheaper in developing countries than in developed countries on average.
More summary statistics would have been beneficial but overall the code is organised and visually appealing. However, as suggested earlier I would define the technical economic terms before proceeding with the rest of the project.