Sun 11 Sep 2016, 22:02
(This post was last modified: Mon 12 Sep 2016, 07:22 by Saul Dobney.)
I am doing research on my target market - for a business I haven't started yet and am confused as to whether I should be using the numbers (QWI numbers) for end of quarter 'full' employment or (also) the beginning of the quarter numbers. What is the difference , in term of what to use and when?
[Admin: Post title updated for clarity]
I think you'll have to explain more about what you intend to do with the Quarterly Workforce Indicator numbers. What type of business will it be and how will the data impact the business decisions you need to make?
The difference between the two numbers won't make too much practical difference for the business plan which is a mix of estimates and forecasts to try to estimate the scale of the potential. So in this case you might look at the trend in QWI to confirm the level of numerical sensitivity of the estimate and then choose a basis average such as the QWI of the past 12 months. QWI is going to be a very broad cross-section of the population and in practice you should be targeting much much tighter. We normally recommend triangulating a top-down estimate with a bottom-up estimate as in a top-down it's very easy to divide big numbers to get something which seems impressive, but in practice is very difficult to reach.
QWI is going to be a very broad cross-section of the population and in practice, you should be targeting much much tighter