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Data Standardization and Adjusting for Inflation Techniques

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Learn how to standardize data for comparison and adjust historical data for inflation using Excel tools. Calculate real and nominal values with examples.

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Data Standardization and Adjusting for Inflation Techniques

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  1. MIS 201B Unit # 8 MIS 201BUnit 8 Graphical Integrity By: Nancy Matolak

  2. Please close laptops!

  3. Design and Presentation of Information + • Standardize data by creating common units of comparison • Adjust historical data for inflation using the Consumer Price Index (CPI) • Learn the difference between nominal and real values • Learn Excel tools for data integrity • Unit 7 - Quiz

  4. L1 Standardization L2 Adjusting for Inflation L3 Standardize and Adjust for Inflation

  5. Standardization

  6. Adjusting for InflationCalculating Estimated Real (Inflation Adjusted) value Calculate the price of a 1968 stamp in 2007 dollars 1968 Price = $0.06 2007 CPI = 217.9 1968 CPI = 34.8 Current Amount * (Future Year CPI / Current Year CPI) = Future Amount 1968 Price * (2009 CPI / 1968 CPI) = 2009 Price $0.06 * (217.9/34.8) = $0.38

  7. Adjusting for InflationCalculating Estimated Nominal Value Calculate cost of a 2009 stamp in 1914 dollars 2009 Price = $0.44 1914 CPI = 10 2009 CPI = 217.9 Future Amount * (Original CPI / Future CPI) 2009 Price * (1914 CPI / 2009 CPI) = Estimated 1914 Price $0.44* (10/217.9) = $0.02

  8. Movie Ticket Prices over Time

  9. Excel Techniques • Create A Formula • Copy Formula • Insert Function • Using VLOOKUP

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