Econometrics can benefit businesses in the pandemic: Economists
Econometrics is used not only in economics, but also in marketing, finance, and management
Econometrics can benefit the business world, especially in the pandemic, as it can be used to forecast and find solutions to potential problems, said economists.
Econometrics helps businesses achieve their goals with a methodology to collect data to support an analysis, and cleanse and integrate that data into a single repository, said Prof Dr Dipti Ranjan Mohapatra, Amity University, India, at a webinar on the "Role of Econometrics in Business Analytics."
Tactical decision-making tools work in real-time decision making processes, especially in the pandemic, and the use of econometrics models helps in determining cause and effect. The time dimension is also important in business analytics, said Dr Dipti Ranjan Mohapatra at the programme organised by the Dhaka School of Economics (DScE) on Wednesday.
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At the programme, speakers said that during the Covid-19 pandemic, the use of business analytics has been helping companies take proper decisions through analysis, problem solving techniques, and future directions, where business goals can be understood through the use of econometric applications.
Econometrics is used not only in economics, but also in marketing, finance, management, ARIMA (autoregressive integrated moving average) type modelling, said the economists.
At the webinar, Professor Dr Muhammad Mahboob Ali said business analytics are an excellent option for building careers as analysts help to maximise a business's effectiveness through data-driven decisions.
They can identify issues in virtually any part of an organisation. For this reason, the Dhaka School of Economics offers the Bachelor of Entrepreneurial Economics programme to develop student skills, said Professor Dr Muhammad Mahboob Ali.
Dr RK Saily of the GNVS Institute of Management, India, was chief guest at the programme.
Professor Mostafa Azad Kamal, treasurer of Bangladesh Open University, and Professor Dr Sujata Khandai, professor of marketing and deputy dean at Amity University, India, participated in the webinar as special guests.
Among others, DScE Assistant Professors Rehana Parveen, Sara Tasneem, and adjunct faculty member Mohammad Aman Ullah Aman, also participated in the discussion.
