Figure 5: Sector comparison
This visualization is one of the best visualizations in Tableau. In this, the entire map of the world is divided into various colours. Each colour represents some range of GDP growth rate. For example, light orange represents lower negative growth rate and dark orange represents more negative growth rate. Similarly, the lighter blue represents a high growth rate but dark blue represents much higher GDP growth. One must have good knowledge about the world map and then he/she just have to point the cursor to the country whose data is to study and then its GDP growth rate would be displayed. Even without moving the cursor, one can compare the GDP of the two countries. For example, the GDP of India is much higher than that of the USA as India is a darker blue than the USA so without even knowing the data, one compared the GDP of India and America.
Patterns observed from these Visualizations and Data Analytics
From these visualizations, it can be seen that Asian countries how more potential for new business compared to Europe and other continents. This can be seen from the various diagrams where it can be seen that that Asian countries like India, Bangladesh, China etc are growing at a much faster rate in terms of GDP growth that other countries of the world so if anyone wants to start a business, Asian countries are the place one can look for. Also, it can be seen from these visualizations that Argentina is one of the worst places to start a business in because of its negative GDP growth rate. These visualizations also show potential countries where a business could be started assuming that the potential of a business is proportional to the GDP growth rate. Tableau saves much more time than other Data Analytics tools as in some of its visualizations, one can understand the trend even by observing the visualizations and graphs which is considered better as it is more user friendly (Roy,et al ., 2018).
Business values generated from these discoveries
By studying and applying Data Analytics in GDP growth rate of various countries, one gets to understand how a growing GDP is an essential component in deciding where to expand or open a new business. Suppose there is a country with a low GDP growth rate which would mean the value of goods and services produced in that particular country is not as high as one would have liked which signify that it is not a good option to expand or start a business there (Fotis, Karkalakos. and Asteriou, 2017).
Now, suppose there is a country which has a higher growth rate of GDP, which would mean that the value of goods and services produced in that particular country is high which would mean that particular country has good potential for manufacturing of goods as demand is high there and that is why goods are produced hence indicated by higher GDP growth so that particular country can be a good option in which a particular business can grow or expand into. And suppose the only criteria to decide where to start a business is the GDP growth rate then it can be easily seen from the various visualizations in tableau. The visualizations provide good and easy to visualize figures to compare the GDP growth rate of various countries and hence choose the desired one. Also, these visualizations make it easier to study the GDP growth of various years and compare them to obtain the desired location for starting or expanding a business. Also, the visualization gives businesses the idea about various potential candidates for the future as businesses keep on analysing the GDP growth rate over the years, it will let the businesses have alternatives in case the country they planned to start their business somehow didn’t work out so they would have many options or alternatives in back of their mind to start or expand a particular business.
Findings and Recommendation
So, in the end, I would recommend the businesses to start looking for potential to enter the Asian countries as these Asian countries are growing faster than any other countries of other continents so they can be the best fit for businesses in the long run. Also, it can be seen from the above visuals that for most of the Asian countries the GDP growth rate has increased from both the years consecutively which is a highly positive sign.
Scope of Report
This report can help businesses understand the data through various visualizations and hence strategize accordingly. Other than that, this report is also important for all the readers to understand how Data Analytics plays an important role in helping businesses grow and also it provides insights about Data Analytics tool Tableau and how it could be used by the businesses to study the trends in the Industry or anywhere and hence act accordingly.
economics assignment, economics homework help, microeconomics assignment help, microeconomics assignment help, managerial economics assignment help, microeconomics homework help, economics homework, online economics assignment help, business economics assignment, economics assignment help online, microeconomics homework help, do my economics assignment, business economics assignment help, do my economics homework, international economics assignment help, economics assignment writing service