Demystifying data with the Lazaridis School of Business
Not all data is created equal.
Choosing what data sets are appropriate for what purposes, comparing data quality and value and identifying gaps all requires careful consideration. This is a vital skill — one that will only become more salient in the next decade and beyond. The next generation of Canadian labour will need this and many other competencies to ensure the Canadian economy stays competitive and relevant. This is why RWI Synthetics was so pleased to collaborate with the Lazaridis School of Business and Economics, partnering with six talented students to apply the work they completed as part of their Management Analytics (MMA) Field Study Program.
Synthetic Data vs. Traditional Data
A major part of this project saw the students evaluating and comparing datasets — specifically comparisons between traditional census data and data generated through RWI’s proprietary Synthetic Population generation and modelling.
Throughout the project, the students formalized sixteen different dimensions to properly assess a dataset’s appropriateness. These sixteen data quality dimensions included factors such as timeliness, completeness, consistency, relevancy, security and accessibility. By using these different dimensions, it became apparent how beyond the data-to-data direct comparisons, there are distinct contexts in which synthetic data presents definitive advantages.
These findings were crucial as they allowed us to identify and define the contexts in which RWI synthetic datasets add unique value for policy analysis. In the context of this project, the students examined policies surrounding caps on the number of international students admitted to colleges and universities in the Waterloo region.
International Contributions
International students are a key part of Canada’s academic landscape and essential contributors to the next generation of our competitive workforce. Lazaridis students evaluated different data sets with a view to quantifying and qualifying the overall impact that international students have on Canadian academic institutions — and the broader community — by using the Waterloo, Ontario region as a case study.
Key findings included the astounding economic contribution of international students: with an annual spend of $22.3 billion in 2022, international students in the Waterloo region supported 218,577 jobs. Beyond passive contributions, these students are also actively engaging in the local economy. By actively participating in the labour market, they constituted 4.6 per cent of the workforce in the food service industry in 2023. Moreover, they often worked part-time in retail, food services, and hospitality, and held on-campus roles in universities and colleges.
The Lazaridis group found that even a 10 per cent reduction in the number of international students could cause tuition to rise by $98,000 — a rise in total revenue required from all international students to offset decreased enrolment — which could lead to a revenue loss in some institutions of up to $82M. Moreover, this would result in fewer skilled workers joining the workforce upon graduation.
On the side of demographics, their assessment found that in Ontario, international students constitute 3.5 per cent of the total population — higher than the national average of 2.5 per cent. Their findings concluded this might have implications for factors including population growth, cultural diversity, and community engagement. They also noted issues regarding the availability of housing — a common refrain across Canada presently but specifically related to the demand for student housing. The influx of international students has contributed to housing challenges in certain regions, particularly in cities with large student populations, such as increased rents and a shortage of affordable housing options.
Overall, the Lazaridis group’s assessment found that there are a multitude of factors to consider when policymakers aim to curb or encourage international students, and recommended a balanced approach.
“The findings highlight the need for a balanced approach that considers the economic contributions of international students while addressing concerns about housing affordability and labour market competition. Policymakers may need to explore targeted interventions to support educational institutions and local businesses during this transition. For the broader community, the potential changes in the demographic composition and cultural diversity of the region could have social and cultural implications. Community leaders may need to foster inclusivity and promote intercultural understanding to ensure a smooth transition.”
One particular note from the student project identified the gap in data around long-term impacts, with much of the available data focusing on the short-term effects of policy changes. The future consequences of policy scenarios for the institutions, populations, and communities that could be mapped and explored in detail in a Synthetic Twin are absent when looking at historical data.
RWI’s ability to forecast, quantify and model the potential and interconnected impacts of policy changes well into the future offers a distinct advantage over traditional data.
Conclusion
The futures of international students — including the impacts and outcomes on their lives and livelihoods, community growth and retention, housing affordability, industry and employment, and post-secondary program availability and costs — and the future of the Canadian economy are utterly intertwined.
Not only did the results of this project demonstrate the inherent value of the next generation of students, but the members of the project themselves reinforced the vitality of our student population.
We’d like to thank the Lazaridis School of Business and Economics for partnering on this project and the student team involved for their skill, time, and dedication. Thank you to Fahad Ahmed, Mohamed Ashfaq Ahmed, Vansh Chandwaney, Olalekan Fagbuyi, Sirui Ren and Zao Wang for their talent, creativity and hard work, and to their faculty supervisor Hari Stirbet.
RWI always wants to go beyond the data and recognize the crucial human elements of every project we participate in: these fantastic students helped us to quantify the value of our synthetic data, to recognize the contexts in which synthetic data is most applicable, and to put the valuable contributions of international students into a larger community and economic frame.