Econometrics as an Academic Discipline in Higher Education: An Exploratory Study of the Need, Relevance and Significance

Econometrics is a young science. It developed during the twentieth century in the mid-1930’s, primarily after the World War II. Econometrics is the unification of statistical analysis, economic theory and mathematics. The history of econometrics can be traced to the use of statistical and mathematics analysis in economics. The most prominent contributions during the initial period can be seen in the works of Tinbergen and Frisch, and also that of Haavelmo in the 1940's through the mid 1950's. Right from the rudimentary application of statistics to economic data, like the use of laws of error through the development of least squares by Legendre, Laplace, and Gauss, the discipline of econometrics has later on witnessed the applied works done by Edge worth and Mitchell. A very significant mile stone in its evolution has been the work of Tinbergen, Frisch, and Haavelmo in their development of multiple regression and correlation analysis. They used these techniques to test different economic theories using time series data. In spite of the fact that some predictions based on econometric methodology might have gone wrong, the sound scientific nature of the discipline cannot be ignored by anyone. This is reflected in the economic rationale underlying any econometric model, statistical and mathematical reasoning for the various inferences drawn etc. The relevance of econometrics as an academic discipline assumes high significance in the above context. Because of the inter-disciplinary nature of econometrics (which is a unification of Economics, Statistics and Mathematics), the subject can be taught at all these broad areas, not-withstanding the fact that most often Economics students alone are offered this subject as those of other disciplines might not have adequate Economics background to understand the subject. In fact, even for technical courses (like Engineering), business management courses (like MBA), professional accountancy courses etc. econometrics is quite relevant. More relevant is the case of research students of various social sciences, commerce and management. In the ongoing scenario of globalization and economic deregulation, there is the need to give added thrust to the academic discipline of econometrics in higher education, across various social science streams, commerce, management, professional accountancy etc. Accordingly, the analytical ability of the students can be sharpened and their ability to look into the socio-economic problems with a mathematical approach can be improved, and enabling them to derive scientific inferences and solutions to such problems. The utmost significance of hands-own practical training on the use of computer-based econometric packages, especially at the post-graduate and research levels need to be pointed out here. Mere learning of the econometric methodology or the underlying theories alone would not have much practical utility for the students in their future career, whether in academics, industry, or in practice This paper seeks to trace the historical development of econometrics and study the current status of econometrics as an academic discipline in higher education. Besides, the paper looks into the problems faced by the teachers in teaching econometrics, and those of students in learning the subject including effective application of the methodology in real life situations. Accordingly, the paper offers some meaningful suggestions for effective teaching of econometrics in higher education

Marine Engineering Training in India -A Pedagogic Introspection

Indian marine engineers are renowned for employment globally due to their knowledge, skill and reliability. This praiseworthy status has been achieved mainly due to the systematic training imparted to marine engineering cadets. However, in an era of advancing technology, marine engineering training has to remain dynamic to imbibe latest technology as well as to meet the demands of the shipping industry. New subjects of studies have to be included in the curriculum in a timely manner taking into consideration the industry requirements and best practices in shipping. Technical competence of marine engineers also has to be subjected to changes depending upon the needs of the ever growing and over regulated shipping industry. Besides. certain soft skills are to be developed and improved amongst the marine engineers in order to alter or amend the personality traits leading to their career success.If timely corrective action is taken. Indian marine engineers can be in still greater demand for employment in global maritime field. In order to enhance the employability of our mmine engineers by improving their quality, a study of marine engineers in general and class IV marine engineers in particular was conducted based on three distinct surveys, viz., survey among senior marine engineers, survey among employers of marine engineers and survey of class IV marine engineers themselves.The surveys have been planned and questionnaires have been designed to focus the study of marine engineer officer class IV from the point of view of the three distinct groups of maritime personnels. As a result of this, the strength and weakness of class IV marine engineers are identified with regard to their performance on board ships, acquisition of necessary technical skills. employability and career success. The criteria of essential qualities of a marine engineer are classified as academic, technical, social, psychological. physical, mental, emergency responsive, communicative and leadership, and have been assessed for a practicing marine engineer by statistical analysis of data collected from surveys. These are assessed for class IV marine engineers from the point of view of senior marine engineers and employers separately. The Endings are delineated and graphically depicted in this thesis.Besides. six pertinent personality traits of a marine engineer viz. self esteem. learning style. decision making. motivation. team work and listening self inventory have been subjected to study and their correlation with career success have been established wherever possible. This is carried out to develop a theoretical framework to understand what leads a marine engineer to his career attainment. This enables the author to estimate the personality strengths and weaknesses of a serving marine engineer and eventually to deduce possible corrective measures or modifications in marine engineering training in India.Maritime training is largely based on International Conventions on Standard of Training. Certification and Watch keeping for Seafarers 1995. its associated Code and Merchant Shipping (STCW for Seafarers) Rules 1998. Further, Maritime Education, Training and Assessment (META) Manual was subjected to a critical scrutiny and relevant Endings of thc surveys arc superimposed on the existing rule requirement and curriculum. Views of senior marine engineers and executives of various shipping companies are taken into account before arriving at the revision of syllabus of marine engineering courses. Modifications in the pattern of workshop and sea service for graduate mechanical engineering trainees are recommended. Desirable age brackets of junior engineers and chief engineers. use of Training and Assessment Record book (TAR Book) during training etc. have also been evaluated.As a result of the pedagogic introspection of the existing system of marine engineering training in India. in this thesis, a revised pattern of workshop training of six months duration for graduate mechanical engineers. revised pattern of sea service training of one year duration and modified now diagram incorporating the above have been arrived at. Effects of various personality traits on career success have been established along with certain findings for improvement of desirable personality traits of marine engineers.

Design and Development of data mining models for the predictions of manpower placement in the technical Domain

Data mining is one of the hottest research areas nowadays as it has got wide variety of applications in common man’s life to make the world a better place to live. It is all about finding interesting hidden patterns in a huge history data base. As an example, from a sales data base, one can find an interesting pattern like “people who buy magazines tend to buy news papers also” using data mining. Now in the sales point of view the advantage is that one can place these things together in the shop to increase sales. In this research work, data mining is effectively applied to a domain called placement chance prediction, since taking wise career decision is so crucial for anybody for sure. In India technical manpower analysis is carried out by an organization named National Technical Manpower Information System (NTMIS), established in 1983-84 by India's Ministry of Education & Culture. The NTMIS comprises of a lead centre in the IAMR, New Delhi, and 21 nodal centres located at different parts of the country. The Kerala State Nodal Centre is located at Cochin University of Science and Technology. In Nodal Centre, they collect placement information by sending postal questionnaire to passed out students on a regular basis. From this raw data available in the nodal centre, a history data base was prepared. Each record in this data base includes entrance rank ranges, reservation, Sector, Sex, and a particular engineering. From each such combination of attributes from the history data base of student records, corresponding placement chances is computed and stored in the history data base. From this data, various popular data mining models are built and tested. These models can be used to predict the most suitable branch for a particular new student with one of the above combination of criteria. Also a detailed performance comparison of the various data mining models is done.This research work proposes to use a combination of data mining models namely a hybrid stacking ensemble for better predictions. A strategy to predict the overall absorption rate for various branches as well as the time it takes for all the students of a particular branch to get placed etc are also proposed. Finally, this research work puts forward a new data mining algorithm namely C 4.5 * stat for numeric data sets which has been proved to have competent accuracy over standard benchmarking data sets called UCI data sets. It also proposes an optimization strategy called parameter tuning to improve the standard C 4.5 algorithm. As a summary this research work passes through all four dimensions for a typical data mining research work, namely application to a domain, development of classifier models, optimization and ensemble methods.

Predictability Of Share Prices In India: A Study Of The Applicability Of Technical Analysis

In spite of the far longed practices of technical analysis by many participants in Indian stock market, none have arrived at the exact position of technical analysis as a tool for foretelling share prices. There is no evidence supporting that one has established its definite role in predicting the behaviour of share price and also to see the extent of validity (how far reliable) of technical tools in Indian stock market. The problem is the vacuum in the arena of securities market analysis where an unrecognised tool is practised, i.e., whether to hold on to technical analysis or to drop it. Again, as already stated in this chapter, its validity need not continue forever. It may become futile as happened in developed markets. Continuous practice of a tool, which is valid only during discontinuous times is also an error. The efficacy of different market phenomena in terms of their ability to foretell the extent and direction of the price movements and reliability thereof remain as not yet proved in. This requires further study in this area so that this controversy may be settled. A solution to the problem requires enquiring and establishing the applicability of technical analysis, if any, there is in the Indian stock market. The study has the following two broad objectives for the purpose of confirming the applicability, if any, of technical analysis in the Indian stock market. The first objective is to ascertain the current validity of ‘traditional holding with respect to patterns’ and the second objective is to ascertain the ‘consistent superiority’, if any, of technical indicators over non-signal strategies in return generation. The study analyses the five patterns, which are widely known and commonly found in publications. They are: (1) Symmetrical Triangles, (2) Rising Wedges, (3) Falling Wedges, (4) Head and Shoulders Top and (5) Head and Shoulders Bottom.

Applying Data mining using Statistical Techniques for Career Selection

For years, choosing the right career by monitoring the trends and scope for different career paths have been a requirement for all youngsters all over the world. In this paper we provide a scientific, data mining based method for job absorption rate prediction and predicting the waiting time needed for 100% placement, for different engineering courses in India. This will help the students in India in a great deal in deciding the right discipline for them for a bright future. Information about passed out students are obtained from the NTMIS ( National technical manpower information system ) NODAL center in Kochi, India residing in Cochin University of science and technology

Employment Realm in Technical Education in Kerala-A Study on the Problem of Unemployment among Engineers

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