Microeconometrics in Business Management

Conclusion

In this book, basic econometric models were presented, which can be used in an enterprise. Collectively, they can be defined as microeconometric models. The main incentives for their application are the possible benefits to be obtained from their use. This book presented only some potential effects of using the presented models in enterprise management.

Out of the empirical models presented most come from economic practice. Only few of them are in the form of a hypothesis. Others are based on the data analogous to actual information. There are some difficulties in constructing such models, resulting from some banal reasons – absence of necessary statistical information. The purpose of this book is to invoke awareness for the need of collecting statistical data. Having adequate statistical material at one’s disposition allows application of statistical and econometric tools for improving the decision-making processes and for increasing their effectiveness in an enterprise. Free software designed for the purposes of dealing with those issues is currently available on the Internet.

An entrepreneur does not have to be a constructor of the analytical and decision-making instruments presented in this book. However, he or she should be aware of their existence and availability as well as should know where and how to become a disposer of the decision-making tools offered in this book. A modern economist is a specialist, who must be able to prepare, to interpret, and to indicate ...