Economics consulting is based on one the of oldest business subjects – the analysis of production, distribution and consumption of goods and services. Over the years, economics has expanded to explain how economies work and how a person or an organisation has an influence on an economy by producing, selling or buying.
Economics consulting projects range from dealing with matters of policy, through modelling, to quite detailed analysis. The strategic problem-solving nature of these projects requires economics consultants to combine their strategic thinking skills with pragmatic experience to get the desired results.
Types of economics consulting projects
These are the most popular economics consulting projects in the policy area, with their high-level objectives:
- Economic / regional development – to develop policy and process to improve economic, political, and social well-being
- Economic policy and program reviews – to review policy and programs for achievement of stated objectives, appropriateness for the task, implementation efficiency, and value for money
- Economic research – to conduct research into economic matters
- Macroeconomic policy and forecasting – to develop policy and forecasts for the performance, structure, behaviour and decision-making of an economy as a whole.
In the modelling area, econometric modelling is used to sort through vast repositories of data to unearth simple relationships. The economics consultant’s skill-set is a very technical one - mathematics plus statistics plus computer science, for the technology enablers that are used.
Economics consulting projects in the analysis area, with their high-level objectives, include:
- Cost-benefit analysis – to develop economic analysis for competition, regulation and trade practice matters
- Economic impact studies, analysis – to measure or estimate the change in activity between two economic events; one assuming that the event will occur, the other assuming that the event will not occur
- Environmental impact studies, analysis and project evaluation – to predict the environmental outcomes of a policy, program, plan, or project prior to a decision on implementation being taken.
Success factors for economics projects
Economics consulting is such a sensitive area, and often in the public eye for both the right and wrong reasons. Success in economic consulting projects comes from a blending of technical skills, industry knowledge, functional experience and insights.
What to look for in an economics consultant
Your economics consultant must possess proven technical skills, deep industry knowledge and comprehensive functional experience.
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