The NSI case – Predicting Household Budgets by team Lemurs Team Tsvetan (cecopld) Radoslav (rdimitrov) (mr-reliable) (khadeer) Business Understanding The survey’s data on expenditure of household according to COICOP (quarterly and annually) are used for the purposes of producing macroeconomic statistics – National Accounts and Consumer Price Index. In order to optimize the cost […]
Predicting Houshold Budgets¶Authors: SoRd1, Jack, pr0faka, Kolio¶Team: Pigeons¶ Statistics is the painful elaboration of the obvious. Hello everyone 🙂 We all hope that you had a great time during the Datathon, because we did. We are working on the case from NSI – to predict the household expenditures per group for the years in which […]
The National Statistical Institute of Bulgaria (NSI) conducts annually a Household Budget Survey (HBS) with an objective to get reliable and scientifically founded data on the income, expenditure, consumption and other elements of the living standard of the population as well as changes, which have occurred during the years. NSI is considering a change in the periodicity of the Household Budget Survey from yearly to once on every five years,In order to optimize the cost of carrying out the survey. Hence We are creating a model which will predict household expenditure for the next four years using linear regression model and time series. The algorithms that we will be taking help from are linear regression model & Autoregressive integrated moving average(ARIMA). So lets not waste any time and move on with it !