Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective:...
Transcript of Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective:...
![Page 1: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/1.jpg)
Haig McCarrell
Statistics Canada
Meeting of Group of Experts on the CPI
Geneva, Switzerland
May 28th, 2014
Consumer Price Index
Enhancement Initiative
CPI EI
![Page 2: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/2.jpg)
19/05/2014 Statistics Canada • Statistique Canada 2
Outline
Context for the CPI Enhancement Initiative
Project Overview
Project Governance and Management
Project Planning
Project Achievements by Portfolio:
Basket
Sample
Quality
Information Technology
![Page 3: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/3.jpg)
Context for the CPI Enhancement Initiative
ORGANIZATIONAL
Analytical
capacity
Work-Life balance
Planning culture
IT
SUBJECT MATTER
Basket Updates
Sample
Quality
adjustment
Index
Methodologies
19/05/2014 3 Statistics Canada • Statistique Canada
![Page 4: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/4.jpg)
CPI Enhancement Initiative
Statistics Canada • Statistique Canada 4
a 5 yr project
Objective is to renew the CPI statistical program
3 major SM portfolios: Basket
Sample
Quality improvement
Outcome: a better measure of price change in
Canada (CPI)
IT renewal
Cygnus
Existing systems evolution
Human capital formation
Project management
• Enablers:
19/05/2014
![Page 5: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/5.jpg)
5 Statistics Canada • Statistique Canada 19/05/2014
![Page 6: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/6.jpg)
19/05/2014 Statistics Canada • Statistique Canada 6
Enabling projects Subject matter projects
CPI EI Steering Committee
CPI EI Management Board
CPI EI gated by Field Planning Board
Current Stage:
Gated
by
sARB
CPI EI Project Map
At Stage 3 (Initiation)
At Stage 4 (Planning)
At Stage 5 (Execution) Multiple stages
Distributed deliverable At Stage 6 (Close-out)
Director level steering committees
![Page 7: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/7.jpg)
Governance and management
Governance / Management infrastructure for
oversight, control and monitoring:
Steering committees (monthly and as needed)
Management boards (weekly)
Integration and one-one project leaders
19/05/2014 Statistics Canada • Statistique Canada 7
![Page 8: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/8.jpg)
Project Planning
Challenge: to translate broad objectives from
high level documents into inter-connected multi-
year work plans:
Planning tool
Planning cycle
Accountability Network
19/05/2014 Statistics Canada • Statistique Canada 8
![Page 9: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/9.jpg)
Achievements – Basket Portfolio
Objective: more frequent and timely basket updates
To move from a 4 year update cycle to a 2 year update basket
update (2005 – 2009 – 2012 – 2014 – 2016)
2009 basket weights were released in June 2011 and 2011
updates were released in March 2013
Next BU: 2013 RY to be released in February 2015 with a
December link month (12 mos after RY)
(2005 – 2009 – 2011 – 2013 – 2015 – 2017)
Substitution bias*:
0.20% per year from 2005 – 2009
0.07% per year from 2009 – 2011
* as illustrated by the gap between the Laspeyres and Fisher indices
Piloting basket functionality in Cygnus / Developing new update
process
19/05/2014 Statistics Canada • Statistique Canada 9
![Page 10: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/10.jpg)
Achievements – Sample Portfolio
Objective: to create a larger, more
representative CPI sample based on a more
scientific sampling process
Sample Design Statistical infrastructure
Index/Commodity review
Sample management
Optimization
Dissemination
Paperless collection
Alternative Data Sources
19/05/2014 Statistics Canada • Statistique Canada 10
![Page 11: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/11.jpg)
Achievements – Quality / IT Portfolios
Quality Portfolio
Quality adjustment
Enhanced research capacity
Information Technology Portfolio
Phase 1 Index aggregation system (Cygnus)
Existing collection and processing systems
adaptations
19/05/2014 Statistics Canada • Statistique Canada 11
![Page 12: Consumer Price Index Enhancement Initiative CPI EI · Achievements – Basket Portfolio Objective: more frequent and timely basket updates To move from a 4 year update cycle to a](https://reader033.fdocuments.net/reader033/viewer/2022051901/5ff09981bf570a49cc538dae/html5/thumbnails/12.jpg)
Questions
Haig McCarrell
Assistant Director, Consumer Prices Division
Statistics Canada
+ 01 (613) 951-5948
19/05/2014 Statistics Canada • Statistique Canada 12