Home | Darpan | Volume 5 | Issue 1 Jan-Mar 2012 | Lecture on Application of Econometrics in Research

Lecture on Application of Econometrics in Research

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By Dr.R C Sharma

Dr. R. C. Sharma delivered a lecture on “Application of Econometrics in Research”. 

He said that Econometrics is the application of mathematics and statistical methods to economic data and described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference. An influential introductory economics textbook describes econometrics as allowing economists to sift through mountains of data to extract simple relationships. 

Dr. P. K. Jain delivered a lecture on February 10, 2012. He said that it takes time to achieve goals; willingness is what is important. Take out your share from the existing system. Have a killing spirit. Innovation is related to individuals; higher the risk, higher the profit. Develop a vision model by studying various business models. Study the environment; adopt it or you will fight for it. It is also important to be ethical. Select an area of interest then study the raw material cost, rate in market, competitors, conversion rate etc. bring 2-3 ideas and then finalize one. He gave various examples and the profit margin of the items like sauces, poha, samosa, cold drinks. He also explained various cultures of various businesses. He also gave examples of innovation related to Computer, Pager, Mobile etc. 

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