In Econometrics and quantitative research & analysis Parametric data can be further divided into four data types also known as types of parametric data, which are as follows:
Following are four important types of parametric data:
The category of the data which is defined by a vector and time is called time series parametric data. This means that such kind of data is dependent on time and may show variation with respect to it.
In the table below, GDP of an XYZ country is defined with respect to time:
The category of data which is defined with the help of a vector and period is called panel parametric data. In such type of parametric data, we use a period that can be constricted with the help of certain brackets of timeline.
In the table below, GDP of an XYZ country is defined with respect to period:
The category of parametric data defined for one given period / time is called cross-sectional data. If we read the data vertically, then it will give us cross sectional data and if we read it horizontally, then it will give a time series data. Such type of parametric data are formed by the combination of data of a certain thing with respect to different time.
Consider the following figure as an example:
Data of different period / time are pooled together, that is, if the observation is taken from different pools of data. For example: Collecting a pool data from the above cross sectional data:
Note: To study a visible change, data can be defined with respect of two things, Plan and Time. Place is not reliable as compared to time. With change of place the data changes according to the place structure, but with respect to time data change is more visible.
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Literacy base is quite educating and friendly, it has simplified everything and therefore made learning easy. I recommend it for both undergraduate students post graduate students and even postdoctorate students as it will equip them with the knowledge they require to come up with an excellent research project,seminar papers, desserations, theses and conference papers as the case may be.