Econometrics is the application of mathematical and statistical methods to economic or market research data. For a more expansive summary, read this short article on Wikipedia.
First, it involves the collection of business information (sometimes called ‘big data’) using multiple market research methods. Potential information compiled includes customer sales, price, and advertising or promotion impacts or expenditure. Then using statistical techniques, such as multiple and non-linear regression and factor and cluster analysis to analyse data. Thus clarifing the cause and effect relationships and revealing issues and opportunities.
Finally, we create algorithms, to explain the mathematical relationships between data. In turn, they inspire the creation of ‘what-if’ models to help forecast the future. Then by inputting data for different business cases, or segments, we reveal the most profitable.
The ability of econometrics methods to help you partly relates to the quantity and quality of data you have. Thus at the outset we work with you to compile data, and in comparable formats. Further, to use secondary research or quantitative research to collect both original and useful data. As a result this provides the basis for more powerful analysis. Thus the ability to make better decisions and also invest more wisely.
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Managing Director, BBC Worldwide
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