From the course: Economic Tips for Everyone

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The economic importance of consistency with currency data

The economic importance of consistency with currency data

From the course: Economic Tips for Everyone

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The economic importance of consistency with currency data

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- There's no quicker way to torpedo your own career than by using the wrong currency units. It could cost your company millions of dollars. Of course, consistency of units is always a critical challenge when you're working with data, but when it comes to business, finance, and the economy, currency consistency is critical. I've seen companies make multimillion-dollar mistakes or multimillion Euro mistakes because they have the wrong currency in the tables they were using in their analysis. And you'd be surprised how often this gets missed. But when that happens, it can be critical for business deals, trades, M and A activity, and even business planning. Of course, there are other units to watch, as well, miles versus kilometers, ounces and pounds versus kilograms and tons. And then there are levels, moving averages, and seasonally adjusted annual rates. So watch your units closely and confirm all the data for any…

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