Conference Application: Data-Driven Decision Making
Title of Presentation: “In one California City, rising prices overshadow economy’s strength, spelling trouble for Democrats”
Title of Article (include name of publication and publication date): The Washington Post, 30th November, 2021
- Provide a summary of the article you have chosen by identifying the purpose and what real-world problem it is addressing/trying to solve. (Bulleted format is acceptable).
- The article highlights the state of the economy in California
- It compares the economic performance indicators in this year with the economic performance indicators for the last year
- The specific economic performance indicators mentioned are joblessness and rate inflation
- It notes that whereas the people feel financially secure because of the positive stock market performance, the rise in the prices of commodities ranging from oil at gas stations to groceries and hardware items is affecting consumer spending.
- The article compares the inflation during the year 2021 and the inflation during the year 2020; it notes that on average, prices of commodities increased by 6. 2% in 2021 compared to the price in 2020.
- The article notes that due to inflation, there are political consequences because the people are not feeling the economic recovery announced by the government.
- Explain what category(s) of descriptive statistics is used in the study and how it is used to communicate the information found in the study and/or any conclusions/solutions posed (1–2 paragraphs).
The category of descriptive statistics used to communicate the information is measures of central tendency, specifically the mean. The mean is used to show a comparison of inflation rate in 2021 as compared to 2020. The rise in prices in 2021 averaged 6.2%. That means that not everything rose by 6.2%, there are commodities that rose by saying 5%, others by 8% during the year 2021; however, on average, they rose by 6.2%. The article also used average to show the Dow Jones industrial average, which was 26852 on election day in 2020 and rose to 35,000 as at 30th November, 2021.
The use of averages in the article helps the reader get an objective perception of the economic performance in the state. For example, the article appreciates the efforts by the federal government to revive the economy; in fact that us why the Dow Jones industrial average increased; however, the rise in commodity prices is overshadowing the economic strength.
- Explain how the article applies to the real world, your major, your current job, or your future career goal (1–2 paragraphs).
The article applies to the real world because it simplifies the complex financial information into simple descriptive statistics that can easily be understood by the non-technical populace.It shows how statistics can be used to express complex information in simple terms. In terms of my major, the article highlights one of the opportunities of applying mathematics in the real world to highlight and address problems.
Importantly, the article highlights the application of statistics in communication of complex and large set of information. It would be hard to highlight the price variations for each commodity; however, the use of mean makes it easy. In my current job, the article shows the contribution of data analysis in communication. In future career, the article has enhanced my skills in relation to data analysis.
- What solutions do you recommend based on analysis of data and conclusions drawn?
Based on the analysis of data, it is clear that whereas there is general economic growth, the inflation is high hence affecting the consumer spending power. Therefore, it is necessary that the government initiates measure that would reduce prices. This includes increasing the transportation efficiency, reducing the cost of some services by government that could be driving up inflation