Project Brief for Master's Level Data Analysis Capstone Projects (Team 2)

We are excited to provide you with a challenging and impactful Capstone project that complements Team 1's efforts in analyzing rising food costs and their implications for food truck operators. Your focus will be on the consumer side of the equation, and your insights will be invaluable for food truck operators in aligning their offerings with consumer trends and demands.

Cross-collaboration between the two teams is strongly encouraged.

Analyzing Trendlines in Consumer Spending

Team 2's mission is to review consumer spending in Canada and evaluate consumer trends related to eating out. Additionally, you will explore the key food trends that are driving demand for various menu items. Your analysis will play a crucial role in helping food truck operators make informed decisions about their menus and pricing strategies.

Project Scope and Tasks:

1. Consumer Spending Analysis: Start by collecting and analyzing data related to consumer spending habits in Canada, particularly in the context of dining out and food consumption. Understand how spending patterns have evolved over time.
2. Eating Out Trends: Evaluate trends in consumer behavior related to eating out, including frequency, preferences, and factors influencing these decisions (e.g., convenience, health-conscious choices).
3. Consumer Demand for Menu Items: Identify the specific food trends that are currently driving consumer demand for various menu items. This may include dietary preferences, cultural influences, or emerging food preferences.
4. Cross-referencing with Food Costs: Cross-reference your findings with the data on food costs to provide food truck operators with insights on pricing their menus accordingly. Justify when it's beneficial to use high-cost or unstably priced foods based on strong consumer demand.
5. Data-Driven Recommendations: Provide data-supported recommendations to food truck operators, including menu items that align with consumer trends, pricing strategies, and potential profit margins.

Data Sharing:

Collaboration and knowledge sharing are encouraged to enhance the overall project's quality.

Timeline:

Please note that this is a Capstone-level project, and we expect a high level of rigor and professionalism. A project timeline should provide the following milestones at minimum.

• Data Collection and Preprocessing: [Specify start and end dates]
• Data Analysis: [Specify start and end dates]
• Recommendations and Report Writing: [Specify start and end dates]
• Presentation: [Specify presentation date]

Key Takeaways:

• Focus on understanding consumer spending, eating out trends, and consumer demand for menu items.
• Collaborate and share insights with Team 1 when necessary.
• Provide data-backed justifications for menu recommendations, considering both consumer demand and food costs.
• Maintain a friendly and approachable tone in your communication and presentation.

If you have any questions or require additional guidance during the project, please don't hesitate to reach out. We look forward to your contributions to this meaningful sector initiative.

Students will use many sources to complete their work, including:

• Consumer spending data from StatsCan
• Food Trend Data (various sources)
• Consumer purchasing behaviour data (various sources)
• Food Cost Data (StatsCan)

Tasks Learners Need to Complete

1. Collect and clean data related to customer purchases and preferences.

2. Conduct exploratory data analysis to identify key patterns.

3. Build predictive models to forecast customer behavior.

4. Present findings in an easily digestible format for food truck operators.