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Statistics vs Econometrics: What are the Differences?

In this PPT, we are going to share with you the comparison between Statistics vs Econometrics. Both Statistics and Econometrics topics are very important for students.

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Statistics vs Econometrics: What are the Differences?

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  1. TODAY'S DISCUSSION Topics to be covered Overview What is Statistics? What Is Econometrics? Functions of Statistics Functions of Econometrics Conclusion

  2. OVERVIEW Here we are going to share with you the comparison between Statistics vs Econometrics. Both Statistics and Econometrics topics are very important for students. Before going deeper, Let’s start with a short introduction to each of these terms.

  3. WHAT IS STATISTICS? From the Latin word “status,” statistics is derived which refers to a collection of statistics used to represent data concerning a human interest. Statistics is an applied mathematics branch that deals with the gathering, analysing, describing, and inferring conclusions from quantitative data. The information gathered is then used to make decisions. Differential and integral calculus, linear algebra, and probability theory are all used substantially in statistics’ mathematical theories. Statistical methods are used by financial analysts to evaluate, examine, and summarise enormous amounts of data into a mathematical form that can be used. Statistics is used in a variety of fields, including business, social sciences, industry, psychology, and others.

  4. WHAT IS ECONOMETRICS? Econometrics is a branch of economics that studies economic data using statistical and mathematical approaches. Those who work in the field of econometrics are known as econometricians. Econometricians use statistical methods or tools including regression analysis, statistical inference, frequency distributions, probability, and more to examine economic theories and hypotheses. Econometricians compare the results with the real data and observations after putting the economic theories to the test, for forecasting future economic trends.

  5. FUNCTIONS OF STATISTICS • These are the some Important functions of statistics that are shown below: • Statistics simplifies complexity • Statistics facilities comparison • To help in formulation of policies • Forecasting is aided by statistics. • Statistics is a method of presenting facts in a definite format. • Statistics aids in the formulating and testing of hypotheses.

  6. FUNCTIONS OF ECONOMETRICS • Econometrics have three functions basically which are interrelated function: • In the Econometrics first function, it puts economic theories or hypotheses proposed by eminent econometricians to the test. • In the Econometrics second function, for economic connection variables it produces numerical estimates. To make decisions, these are the important one’s. • In the Econometrics third function, it is for prediction of economic events.

  7. CONCLUSION So, this was all about our topic, which was Statistics vs Econometrics. We hope that you have liked what you have read about Statistics vs Econometrics. Moreover, if you need any Advance Econometrics Assignment Help, you can contact our experts and get help at a very reasonable price.

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