https://at-ceu.studyguide.timeedit.net/modules/ECBS5295?type=COREFormal statistical theory is necessary for anyone who would like to go beyond the description of the data at hand, and to conduct statistical inference. With properly applied statistical inference, we can distinguish the general pattern underlying the data from pure chance or randomness --- a critical step in learning about the world. Application of statistical methods to analyze economic data is necessary to do empirical research in economics. Familiarity with statistical concepts and econometric methods is not only useful in academic research but has also become a critical skill in a host of other carrier paths, including government and private sector positions.