The Role of Econometric Models in Increasing The Economic Efficiency of Industrial Industries
DOI:
https://doi.org/10.31150/ajebm.v8i3.3371Keywords:
Industrial Sector, Innovative Development, Econometric Model, Efficiency, Assets, Profitability, Socio-Economic Forecasting, Individual, Expert, Interview, National Economy, Region, Scientific and Technical Progress, Standard of Living, Volume of Resources, External Economic Situation, EcologyAbstract
The purpose of this study is to investigate the role of econometric models in improving the economic efficiency of industrial sectors with regard to the profits of assets, the use of resources and forecasting mechanisms. Utilising such a systematic methodology integrating factor analysis and DuPont model to assess economic performance, the study bridges the existing gap in integration of economic approaches and industrial efficiency analysis. It finds that through the application of econometric forecasting tools one can optimize resource allocation and increase profitability indicators. These results indicate technological integration of superior econometric modelling techniques in the process of the decision making may lead to sustainable industrial growth. Implications of this research are relevant to policymakers and industry leaders who need to aim at data driven strategies to boost economic efficiency.
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