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Statistics could be the analyze of actual-environment knowledge and inferring them to get a significant end result. Within a broader sense, it is a mathematical way of accumulating, verifying, examining, interpreting, and as a result summarizing an entire set of knowledge. For this reason, it could be stated that this area presents know-how to operate quantitatively on the gathered info.

Econometrics is actually a department of economics that applies statistical and mathematical methods and products to research financial knowledge. It utilizes observations and theories to execute a quantitative Investigation of an financial phenomenon.

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