Regression Analysis

Statistical Modeling

Statistical modeling involves creating mathematical representations of real-world phenomena to understand, predict, and control them. It uses statistical methods to analyze data and make inferences. Key Characteristics / Core Concepts Data analysis: Gathering, cleaning, and preparing data for analysis. Model selection: Choosing the most appropriate statistical model based on the data and research question. Parameter … Read more

Econometrics

Econometrics is the application of statistical methods to economic data. It bridges the gap between economic theory and real-world observations. Key Characteristics / Core Concepts Uses statistical techniques to analyze economic data. Aims to test economic theories and hypotheses. Involves the use of econometric models (mathematical representations of economic relationships). Often deals with time series … Read more