School and college level students are usually bombarded with a number of assignments as term-end approaches. Be it Java, Math or Geography, assignments seem to come in all shapes and sizes, and when you least expect them. As the deadlines approach, you are overcome by fear, and your hands start shaking. What if you can’t submit your assignment on time? What if your teacher doesn’t give you good reviews and you end up with bad grades?
While assignment topics can be many, some of them like Java and Econometrics can be especially hard to deal with. To get to the bottom of it, econometrics is the study of how statistical methods can be applied to economic data and information to build economic trends. Sounds daunting, right?
Econometric assignments in school and college are meant to help students understand the relationship between economic data and the observations they make. Since economics and mathematics are the crucial building blocks of econometrics, students are required to focus on their problem areas in these two subjects routinely. This involves answering questions about various mathematical and economic theories, studying data models, and recording observations correctly.
The following essential tips will help make writing your econometrics assignments a piece of cake and get you the good grades that you so want!
- The question you seek to answer
Since econometrics primarily involves logical analysis and reasoning, focus on the main question that you want to answer and go about your assignment accordingly.
As you’re about to start writing your assignment, remember what motivates you. The primary question that forms the basis of your econometrics assignment should also be your motivation to do it.
- Choosing a suitable econometric model or method
A suitable econometric model forms the crux of your assignment. Before you start about answering your primary question, make sure you have a model in place.
- Writing a suitable conclusion
As you sail through your assignment and end up with logical answers to your question, ensure you have written a suitable conclusion. Make certain that your conclusion is in line with the economic theory you have adopted.
- Economic model
Your assignment must clearly indicate the economic model(s) you have chosen to adopt. It should also outline the equations, the hypotheses and the deductions.
- A suitable estimator
As any student of econometrics would know, a suitable estimator is vital to any problem in econometrics. Make sure you have mentioned the kind of estimator you have chosen. Also, list out the hypotheses you have used to derive the estimator.
An econometrics assignment or project is incomplete without its data. Your assignment should mention the source, sample period and frequency of the data.
What is econometrics without graphs? Make clear graphs and elucidate the transformations clearly, to make your assignment a well-rounded one.
- Variables and parameters
Make sure you have written all the variables and parameters at the outset. Also, include a short description of the same.
- Sort out your priorities
You know you have been handed out your assignment, but you can’t seem to get a grip on it. What you need to do is sit down and check what you need to do first. Chalk out an economic model? Or a theory? Do what suits you best.
- Noting them down
When you set out to write your assignment, note down all the topics and hypotheses of your assignment; it helps with the research process.
Redistribute the assignment into small mini-projects that you need to do every day. Work on them within a stipulated period.
- Look to your seniors for help
The assignments that your seniors have worked on can act as an excellent point of reference. Ask your seniors for assistance and help on econometric theories and models, when the going gets tough.
- Managing time
Since assignments usually have pretty tight deadlines, ensure you manage your time well and devote as many hours a day, to your project, as you need.
- The correct technique
Econometrics fundamentally involves problem-solving and variables and parameters. Be confident that when you write your assignment, you use the correct technique and model.
- Intensive research
Research is an indispensable part of your assignment. You must take care to carry out intensive research on the topics of your econometrics assignment.
- Listing all the crucial points
All the essential points should be written down beforehand; you can refer to these whenever you do your research on your assignment topic.
- The credibility of the data
When you put in the hard facts and data in your assignment, make sure you have double-checked them. Any shortcomings in your data can uproot all the hard work you have put into your assignment.
- Keeping an eye on your targets
Set small targets and goals and go about achieving them in a day’s work. This will ensure that you can wrap up your project in the optimum time.
- Avoid multi-tasking
When you take on multiple tasks at the same time, it gets tough to focus on what’s at hand. Strictly avoid juggling too many things at the same time to manage your time well.
- Stay away from distractions
Econometrics is highly data-oriented. It needs precision and utmost focus. So when you’re breezing through your econometrics homework, try and keep away from anything that distracts you.
- Disengaging yourself from social media
Further explaining the above point, social media can be a considerable distraction when it comes to working on your assignments. Make sure you have logged out of your Facebook and Instagram accounts when you are about start work; the quicker, the better.
- Look for help on the web
There are several websites, blogs and articles online that can offer you some beneficial guidance and tips for your assignment. With the internet now widely available to most, assistance for your tough econometrics assignment is only a click away.
Devote a fixed part of your day to your project. Make sure you stick to it, and if possible, break your day into multiple time-slots, as and when convenient, so that you can properly focus on your work without having to worry about other things.
- Trusting your instincts
Math, science and econometrics- all of these require a certain level of instinctual prowess. While working out equations and hard facts, if you feel there’s something amiss, you might as well act on it.
- Having all your essentials handy
Pens, pencils, calculators, geometric tools or paper- have all your stationery close by so that when you need them, you don’t have to waste time fetching them over and over.
- A clean and tidy workstation
The place you choose to work should be clean, tidy, airy and well-lit. A pleasant ambience goes a long way into ensuring you can focus and work hard on your project.
- Take small breaks in between
Studying for hours on at the end can drain your energy, leaving you to feel zapped. Go out for small breaks in between your work hours. You will feel energized when you come back and be able to work again.
- Sketching out a rough draft
As you are about to begin with your assignment, keep a few pointers in mind and sketch out a rough draft of what you are about to do. These include what models to opt for, variables, parameters and the like.
- Organize your work
Catching up with deadlines and looking into the loopholes of your assignment can be tough if you don’t have all your work systematized. Remember to keep all your notes, research and essentials organized when you work.
- Checking your work periodically
Remember to review your assignment after short periods so that you know where you are going and what you can add to it.
- Reflect on what you have learnt before
Your assignments revolve around what you have been taught in econometrics class. Make sure you have these in mind and refresh those concepts, time and again.
- Never miss an econometrics class
Never miss an opportunity to revise and learn new concepts in your econometrics class. It can cost you dearly.
- Studying from guidebooks
Though it sounds like a tough thing to do, guidebooks on the subject can surprisingly offer you a lot in terms of facts and principles. Refer to one for help on the assignment; it will yield good results.
- Keep your notes in a safe place
Make sure you have all your precious notes stacked away somewhere safe. Collect them and remember to refer to them when you stumble across a problem in your assignments.
Make sure you keep up a steady front when you take on the Herculean task of finishing an assignment. Keep putting in consistent efforts and achieve a single target before taking up another.
- Being in good spirits
With submissions and deadlines looming ahead, finishing an assignment can be a daunting task. Try to be in good spirits- don’t lose hope if something doesn’t work out. Help is always at hand.
- Relieving stress
Working for long hours on your assignment can be extremely stressful. Find ways to unwind and relax for a while before you start again.
- Quality checks
What makes your assignment stand out is top-notch quality. Pay attention to your language and the reliability of your information sources. It will boost your grades!
When you write about the econometric models and theories you have adopted, remember to make your sentences specific and clear. Do not write long-winded sentences. You could lose marks if your teacher or professor simply can’t make out what you have written.
- Revise your concepts periodically
Go through your theories and principles regularly. Keep these in mind when you are about to start work on your assignment.
- Checking for typos and spelling
Do routine checks on your assignment. Make sure no part of it contains typographical errors, spelling mistakes or plagiarized content.
- Drawing up a table of contents
Including an attractive and precise table in your assignment not only makes it unique but also gives off an excellent impression to your professor. Placing demonstrative tables in sections of your assignment will also help your teacher or professor navigate easily.
- A great introduction is key
A good introduction makes sure that your assignment starts well. End it with a fantastic conclusion, and getting top grades won’t be so hard anymore!
- Stay away from plagiarized content
No part of your assignment should be plagiarized. Not only does it make your work inauthentic but also lands you in a tight spot with your professors. Ensure that your assignment is completely free of plagiarism.
- Drink plenty of water
Even though it sounds misplaced in a guide to writing your econometrics assignment, but drinking lots of water regularly replenishes your system and prevents fatigue from creeping in. Water is a wonderful oxygen carrier – make sure you have ample amounts before you start.
- Turn to online experts
You’ll find tons of people trying to help on the internet- make sure you ask the right ones. From offering online assistance for your assignment to offering guidance and tips, these econometrics experts can help you wade through your toughest times, with ease.
You have put in hours of work into making your assignment the best, reading up on all kinds of resources to make your deductions and analyses stand out but if your handwriting’s not legible, landing good grades would be somewhat impossible. Make sure you put in your best handwriting.
- Grammatical errors
Assignments are graded not only for the factual information they contain or the tables and the graphs but also for their grammar and spelling. A poorly written assignment can spoil all the hard work you put into and simply become a waste!
- Stick to the prescribed format
Every assignment comes with its formatting, so stick to what’s asked of you, and landing good reviews won’t be so tough anymore.
- Following instructions
If you have been asked to follow specific instructions pertaining to your assignment, make sure your work abides by them.
- Sleeping well
A solid 8 hours of sleep and rest is required for a body to function properly. Devote ample time to sleep so that, the next day when you wake up, you’re reenergized to focus on your assignment.
Studying in groups can often be really beneficial for your assignments. Assign groups to your friends and yourself and start working right away!
- Logic and reason
It’s easy to lose yourself amidst the sea of information, but maintain a cool head and approach your problems logically.
- Keep a tab on the time
Assignments can be time-consuming, so keep track of the time you take to finish smaller tasks within your assignment.
- Reading up on econometric books
With e-commerce platforms available and independent bookstores within a stone’s throw, it has never been easier to read the books you need to. There is no better econometrics encyclopedia than econometrics manuals and books.
- Pushing your limits
As you approach your deadlines, you will often feel like giving up. Learn to push your limits and go the extra mile for your assignment to be a real success.
- Early work hours
Studies suggest that our productivity is highest in the morning. Reap the benefits of waking early and finishing your assignment well before anyone else does.
- Is your assignment readable?
Before handing out your assignment, there is one last thing you must tick off the list. How fluent is your assignment? There are several tools online that offer readability checks for work. Be sure to run a check at least once.
- Close to the finishing line
Now that your assignment is ready and decked up for submission, congratulate yourself on completing a near-impossible task and rejoice.
It’s essential to have fun when it comes to school or college work. Boredom can make anything tedious, so have fun while you are still at it.
Huw Pill is a senior lecturer of business administration and he is working at the Harvard Business School. Huw Pill earned a doctorate in economics from Stanford University in 1995 and a bachelor’s degree from the University of Oxford in 1989. He is a prodigy in the field of Macroeconomics. You can contact an Economics expert by clicking here and take a homework help in economics today!