Data Analysis, Trends and Forecasting
Individual Exercise
Individual analysis will be useful for completing the final project. This work should add to the body of knowledge created under the Data Values criteria on the final project rubric.
This is a great resource for data: https://www.census.gov/en.html
Find a resource (data file or journal article with details) that ties into your project objective and includes data that you can use to analyze a forecast or trend chart.
Here’s an example of what to hand in for this task.
Project objective: [Include your info here] To understand how organizations can retain mothers who work from home.
Data source(s): https://data.bls.gov/timeseries/LASST270000000000003
(This file includes the label Time series, which means historical data)
https://www.bls.gov/lau/ex14tables.htm downloaded pdf: https://www.bls.gov/lau/ptable14full2020.pdf (Review MN chart)
Note: This file only gives me 2020. I would have to investigate previous data to complete my analysis.
What is happening with the data? (5 pts)
Total average unemployment rate in 2020 was 5.9%. I need to examine historical data and make some predictions about future average unemployment rates.
The unemployment rate was much higher for Black or African American population (9%). Is this always the case, or has COVID-19 impacted this number significantly?
The Hispanic and Latino population was also impacted significantly (7.3%)
Analysis by age for women shows that the 45 to 55 year category was the highest for unemployment (6%)
Overall on average, white women had a lower unemployment rate (5.3%) compared to white men (5.9%)
What does the trend chart or forecast (your prediction) tell us? (5 pts)
My example: I predict that unemployment rates will continue to improve. Women will also return to the workforce in the next year (once vaccines percentages improve and kids are back at school).
You do not complete this step for the Individual assignment but I wanted to show you the tie-in to final project
After you complete this individual analysis, you can work to find resources for the final project that support or challenge this data set.
Example Supporting Resources:
https://www.census.gov/library/stories/2021/03/moms-work-and-the-pandemic.html
https://hbr.org/2020/11/3-ways-companies-can-retain-working-moms-right-now
https://spssi.onlinelibrary.wiley.com/doi/abs/10.1111/j.0022-4537.2004.00381.x
