Econometrics is the application of mathematics, statistical methods, and more recently, computer science to economic data and is explained as the division of economics that plans to offer pragmatic content to economic relations. In particular, this is the quantitative study of actual economic phenomena stand on the synchronized development of theory and observation, related by appropriate methods of conclusion. An important introductory economics textbook explains Econometrics as permitting economists to sift through mountains of data to extract simple relationships.