Econometrics is the application of mathematical and statistical methods to economic data. First, it involves the collection of business information (sometimes called ‘big data’) using multiple research methods. This includes information such as customer sales, price, and advertising or promotion impacts or expenditure. Then using statistical techniques, such as multiple and non-linear regression, factor and cluster analysis, forecasting and time series, the causes and effects become clear.
Finally, we create algorithms. These explain the mathematical relationships between data. In turn, they inspire the creation of ‘what-if’ models. By inputting data for different business cases, we then reveal the most profitable.
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