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Econometrics Homework Help
ECONOMETRIC ANALYSIS – AN ASSIGNMENT HELP
An assignment of econometric analysis will help the students to know the simple meaning of econometrics, its scope means where the econometrics can be easily applied, moreover what the procedure of doing econometric analysis is
In simple words, econometrics is one of the branch of economics which helps in implementing statistical and mathematical theories to do predictions about the trends of future and to test the hypothesis.
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The scope of Econometrics Analysis:
- Econometric has a wider scope, as nowadays it has been implemented in so many fields like finance, labor economics, health economics, used by managers for taking best decisions, forecast future trends etc.
From one of the above area, econometrics is majorly used in business firms.
- Managers are using the application of econometrics in their business firms, as nowadays, business firms are suffering from infinite number of problems like increasing cost, low profits, huge competition in the market, employees turnover, marketing strategies, high competition in domestic country due to the entrance of multinational
- For Example, Managers have to think how would they judge about sales of future and what is the connection of sales done in past? Here, in this kind of situation, managers will analyze the scenario and then they will implement the theories of econometrics and by this way, they are able to get the best suitable results for the firm. So, econometrics is the relevant tool for managers to analyze the problems and solve in the best possible way to get efficient and effective results.
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Simple Steps in Econometric Analysis:
- Firstly, in order to do analysis, select an observed fact, or event.
- Necessary objectives of the study must be established in the second step.
- Now create an economic as well as econometric models.
- Then, the coefficient values of the models are estimated.
- Analyze the available data.
- And at last check, its validation, while using the created model.
Conclusion: Application of econometrics helps a lot to managers and other field employees to analyzing the situation and coming on to the best results.
From this assignment students can take help and do their work on it, students can also use statistical tools like bar diagrams, pie charts, histogram, mean, dispersion, correlation etc to show or to find out the number of managers using the econometrics applications.