Project-3 Report
8th December 2023
Today, our primary focus is on implementing anomaly detection for our economic indicator dataset. Anomaly detection is a powerful statistical approach aimed at uncovering irregular patterns that deviate from expected behavior, and these outliers can often yield valuable insights. In essence, you can think of this process as akin to finding needles in a haystack. In the context of our economic data, these ‘needles’ may represent unusual spikes or dips in indicators such as unemployment rates or hotel occupancy. Detecting these anomalies holds significant importance as they could potentially signify significant economic events, shifts, or even errors in the data collection process. To accomplish this task, we are utilizing the Isolation Forest method, an advanced algorithm well-suited for identifying anomalies within intricate datasets. This technique proves especially effective when dealing with large, multidimensional data, aligning perfectly with our specific objectives
4th december 2023
The “economic indicator” dataset presents a comprehensive collection of economic factors, organized by year and month, offering a snapshot of various economic dimensions. It includes data points such as the number of passengers and international flights at Logan Airport, hotel occupancy rates and average daily rates, total employment figures, and the unemployment rate. Additionally, it encompasses the labor force participation rate, detailed statistics on housing or building projects (including unit counts, total development costs, square footage, and construction-related employment), and insights into the real estate market through foreclosure petitions and deeds, median housing prices, sales volumes, and permits issued for new housing, with a specific focus on affordable housing. This dataset serves as a valuable resource for analyzing key aspects of the economy, encompassing sectors like air travel, hospitality, employment, and real estate, thereby offering insights into the financial stability and trends within a specific region.