From the course: Data, Economic Modeling, and Forecasting with Stata
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Statistics and econometrics - Stata Tutorial
From the course: Data, Economic Modeling, and Forecasting with Stata
Statistics and econometrics
- Analyzing data for business implications usually falls into the fields of statistics or econometrics. Statistics involves looking at data and identifying key dynamics as well as potential relationships in the data. This includes identifying things like means of data, which is another way of saying averages. Trends of data, which direction the data is going in and at what pace. Distribution of data, which is the range and how the data appear. Relationships in the data, like finding predictive relationships that influence each other in a way that allows you to make forecasts. Econometrics is a subset of statistics and it uses statistical models and methods to analyze economic data and identify relationships with either economic or business implications. Another term for econometrics is applied economics, because it's about applying statistical models in a practical way to economic data. But whether you're talking about…
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