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GDP Final Report

GDP Final Report

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Introduction

In this report, the data regarding GDP growth of various countries have been taken and then being analysed and the business can figure out a potential place or country to expand their business into. By analysing the data, businesses can find out countries that have higher GDP growth rate so that business can be established there. Also, there are visualization which will compare GDPs of two different countries and hence, help businesses to determine the ideal locations.

Chosen BI forum

The forum being chosen here is Tableau. Tableau provides easy to understand as well as east to interpret visualizations which are studies by using Data Analytics and accordingly various business decisions can be taken. Tableau has many visualizations which are attractive and can save a lot more time as the visualizations from these can be studied by mere observation.

Chosen Data

The Data chosen here is the Growth rate of GDPs of various countries across two years, which are 2017 and 2018. This Data is chosen because the growth rate of GDPs can be easily seen and compared with other countries very conveniently. Also, by using various type of visualization, it will make our study easier to as which countries are growing more in terms of GDP than others in two different years.

Que. How can Data Analytics provide business value to organisations?

Ans. Data Analytics is the process of analysing the data. By analysing the data, a firm can build its strategy accordingly. By studying the data, the organization can understand the market trends and results and accordingly predict the demand for any product. Suppose there is a trend for some cool Shirt, data analytics can help an organization to understand which particular product is in high demand and how much a customer is willing to pay and then accordingly production and pricing of the Shirt are done. Which colour shirts are customers preferring? How much are they willing to pay? How much is the frequency of buying? From where do they prefer to buy shirts? Which brand do they prefer? These are the few questions which only Data Analytics can answer. If one doesn’t know what is the trend of something then one can’t plan anything for the future. If a car company doesn’t know how many quantities of cars would they need to manufacture to meet the demand, then they won’t be able to able to meet the demand. Similarly, if the car company doesn’t know which particular model the customers are preferring, there won’t be any benefit even if they manufacture enough number of cars because people would only buy models which are trending. And how are those trends figured out? The answer is Data Analytics. Data Analytics inspects, cleanse, transforms, models as well as forecasts data to discover patterns, trends etc. not only does the Data Analytics helps in analysing the data but it also helps in displaying visualization like graphs which are easy to understand and interpret. Businesses can just look at the visuals and accordingly develop a strategy that can match their goal. Nowadays Data Analytics is used in almost every company and businesses out there and has become a huge asset to the business as it helps them achieve their goal of high business, branding, profits etc (Adrian, Boyarchenko and Giannone, 2019).

Visualization of chosen Data Set

Figure 1: GDP GROWTH RATE COUNTRY

This is the most basic visualization in Tableau. In this visualization, the blue rectangular boxes represent the GDP Growth rate of 2017. It can be seen from the visualization that larger the length of the rectangular box, the larger is the GDP Growth Rate in that particular year. The merit with this visualization is that the GDP of many countries can be compared easily and also a negative growth rate in GDP can also be marked in this visualization.

Figure 2: GDP growth rate per year

In this particular visualization, there are blocks which are almost rectangular which describes the growth in GDP in a particular year. The rectangular blocks have a name on it and when a cursor is moved on that block, GDP growth rate can be seen. Also, by observation, it is easy to see that larger the rectangular box is, the larger is the growth rate of that country. Also, the countries with higher GDP have dark blue colour compared to light blue and small rectangular blocks of countries with a lower growth rate. The only demerit of this visualization is that the countries which have a negative growth rate cannot be depicted in this visualization which makes it difficult to study growth rates of the country with a negative growth rate (Caldera-Sanchez et al ., 2016).

Figure 3: GDP on Map

This visualization is also a very attractive way to study and compare the GDPs of various nations. Here, the blue dot on each country represents the growth rate of that particular nation in a particular year. When the cursor is set on any dot, it will display the GDP growth rate of that country in a particular year. The demerit of this visualization is that one must have good knowledge about maps because if someone doesn’t know the world map correctly, he/she would have to consume more time in finding out the country whose GDP is to study as the name of the country is not mentioned in here.

Figure 4:Bubble chart

This is one of the easiest ways to understand and compare the GDP growth of various countries. In this visualization, each country is represented by a circle. The larger the growth rate of GDP, the larger is the size of the circle. The only thing a user has to do to know the GDP growth rate is to move the cursor to the circle of the country he/she wants to know about. And if someone wants to just compare GDP growth rate between any two countries, he/she doesn’t even need to move the cursor as it can be found out by the observation that whose growth rate is better. For example, in this visualization, it can be easily seen the GDP growth rate of Libya is greater than that of Mali. The only demerit is that countries with a negative growth rate cannot be shown in this visualization. Also, the name of some of the countries is not visible sometimes which makes it difficult to locate the country.

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).

Figure 6

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.