From the course: Data, Economic Modeling, and Forecasting with Stata
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Purpose of modeling in Stata - Stata Tutorial
From the course: Data, Economic Modeling, and Forecasting with Stata
Purpose of modeling in Stata
- People talk about the value in data, but it's not the data by itself that has value. It's the value in the implications that you can derive from that data. Data without analysis is like owning a car that runs on gasoline, but has an empty tank. There are many different people who analyze data, statisticians, economists, econometricians, data scientists, and other analysts. They use statistical software programs to analyze data with a number of key purposes in mind, including identifying statistical correlations, demonstrating causal relationships, building models that have future predictive value, and making forecasts. And those forecasts can be used to predict any number of things, including financial market movements, future costs and revenues, or identifying future customers. In fact, forecasts can be made around almost any kind of financial business or economic data series you can imagine. There are many different…
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