QEDinc provides economic consulting and forecasting services for Canada, its provinces and territories. While each client’s needs and assignment are unique, they can be largely grouped into the following categories:
- Economic policy analysis
- Economic impact analysis
- Economic commentary and presentations
- Custom models and forecasts
As each assignment is unique, QEDinc typically works with clients to frame their needs and then delivers a proposal to conduct the research based on those needs. The cost of assignments is primarily driven by the estimated time needed to conduct the assignment, but other costs may include data purchases or travel costs. The quoted cost for most assignments is provided on a ‘fixed-fee basis’ which means that clients are not responsible for paying additional costs if the assignment requires more work than anticipated. In exceptional circumstances, some assignments are conducted on either a retainer or a time and materials basis.
Economic policy analysis – these assignments are typically commissioned either by or for governments to examine the impacts of suggested changes in government policy. Impacts are defined as the estimated path of the economy with the change in policy versus the path of the economy without the change in policy which is sometimes referred to as the ‘status quo’. The results are typically presented either in terms of costs and benefits (cost-benefit analysis), as impacts over time or in present discounted value terms. QEDinc’s models support policy analysis for all levels of government across Canada: federal, provincial, territorial, municipal and aboriginal.
Economic impact analysis – these assignments examine the impact of changes in the economic environment or the contribution of sectors, industries, companies or projects to the economy. Changes in the economic environment are shifts in economic conditions arising from activity outside the control of domestic policy makers. These can include changes in the global economic activity, commodity prices, exchange rates and a variety of other events. Other types of impact studies focus on the contribution of a particular part of the economy – a sector, industry, company or project – to the broader economy. These studies typically focus on the number of jobs, value of output and taxes generated by the selected sector.
Economic commentary and presentations – these assignments involve the preparation of reports describing the economic environment and outlook for a particular sector or region. QEDinc regularly delivers presentations of these reports at conferences, board meetings or other events.
Custom models and forecasts – Robin Somerville has three decades of experience building economic models and developing forecasts for clients around the world. The scope of these models is eclectic: from standard national macroeconomic models, to sub-national regional models, to models that forecast industry or company sales, and to models that estimate the cost of disease. QEDinc has constructed several custom models for clients across Canada. Current examples include the Ontario Ministry of Tourism, Culture and Sport’s TREIM model and their model to forecast tourism activity in the province. QEDinc also built and maintains Diabetes Canada’s models that forecast the incidence, prevalence and cost of diabetes across Canada.