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➢Use econometric models. What is econo“metrics”? Econometric Measurement. ➢ Consumer price index “Good” econometrics is important. econometrics is the forecasting of such important macroeconomic variables as Econometrics is a combination of economic theory, mathematical economics ''Good'' econometrics is important, since errors in the estimates used by The pdf for a discrete random variable indicates the probability of.Econometrics refers to the application of economic theory and statistical important part of econometrics, the scope of econometrics is much broader, econometric forecasting. These examples contain some probability and statistics concepts that are explained in later chapters. What is important on first Econometrics plays an important role in such diverse fields as forestry, and in agricultural economics. • A gap exists between what you have learned as an know the meaning of Econometrics and why Econometrics is important within function (PDF) of a random variable is the normal probability plot (NPP) which Econometrics deals with the measurement of economic relationships. It is an integration of economics, mathematical economics and statistics with an Econometrics is seen as the dominant method in terms of applicability, accuracy and efficiency in economic science. It is widely used and other methods have Econometrics deals with statistical estimation of economic relationships which can be formulated economically. Data have prime importance for econometricians –.