Once you are familiar with the instrument and the data you should proceed to do
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Once you are familiar with the instrument and the data you should proceed to do your analysis and prepare your write up of the results. It is important to remember, when calculating economic impact, we are only interested in “new spending” or “new money”. You have to somehow systematically remove locals. You need to address in your report how you chose to do that. This is one of the first things you will want to do. You will basically eliminate any subjects and data for locals. The remaining visitors (based upon the criteria you choose) are used for the rest of the data analysis and presentation. The first section of your report should include a description of the respondents. In order to describe your sample you might calculate information about the age, gender, ethnicity of your sample, household size, and household income of your respondents. For example, what is their average age or what percentage of them are white versus other ethnicities. How far away did the participants travel? How long did they stay and etc.? The key to reporting your results is that you explain your rationale. Next, you will proceed to calculate the economic impact of the event itself. We interested in calculating the direct impact and the overall economic impact of the event on the economy. This second calculation includes the multiplier effect. First, based upon the data, what is the direct infusion of new spending in the local economy reported by the participants? How did you calculate that number and what does it include? Next, you will need to calculate the total economic impact that includes the multiplier. In order to calculate the multiplier you need to know the regions Marginal Propensity to Consume (MPC) (.90) and Marginal Propensity to Import (MPI) (.50). In order to determine the regions multiplier we use the following formula: M = 1/1-(MPS+MPI) Finally, you will use the direct impact you determined earlier and multiply the direct impact by the multiplier. The results will give you the total direct and indirect economic impact of the event. It may help to give your hypothetical event a name or at least type of event so you can put your presentation together. Here’s what you should submit to Canvas: First, you should submit a document that describes step-by-step what you decided to complete the analysis of the data and can explain to me how you arrived at your results. This document can and probably should be in bulleted form. The document needs enough detail and information so I can follow your thought process. In other words, if I followed the same steps you told me you followed I would arrive at the same results for economic impact. Finally, you will submit a PowerPoint or similar presentation to the dropbox. You will have six slides minimum. Slide One: A cover slide of some sort identifying the participants and the project. Slide Two: A summary of your methods document you submitted separately. Slide Three: A summary of the key descriptives about your sample (age, gender, other demographics). Slide Four: A slide dedicated to the direct impact of the event and what was included to get the result. Slide Five: A slide dedicated to the total economic impact and how you arrived at the result. Slide Six: A final slide that tells us what we can learn from the descriptives and overall economic impact of your event.
