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An econometric analysis focuses on the application of economic theories and methods to legal issues, particularly in the assessment of lost profits. Join experts Josh Shilts, CPA, ASA, ABV/CFF/CGMA, CFE, and Brian Rohl, CPA, ABV, CFF, as they use a regression analysis to demonstrate how economic factors impact financial outcomes in legal cases. This session will include a real-life case study utilizing a regression analysis and includes the review and analysis of incremental cost estimation to quantify the change in the dependent variable as a function of one or more other variables.
Program Agenda
Define “econometric analysis,” along with common terms used in statistical analyses;
Understand the implication of use to avoid issues with data and assumptions; and
Review, analyze, and conduct an econometric analysis of:
Incremental cost estimation using accounting data; and
Regression analysis to quantify the change in the dependent variable as a function of one or more other variables.
Incremental Cost Estimation
Excel demonstration;
Measurement issues;
Accounting allocation inaccuracies;
Inaccuracies from changing incremental cost;
Multicollinearity; and
Missing data and outliers.
Impediments caused by idiosyncrasies of accounting data:
Cost behavior;
Unsuitability of unadjusted general ledger data; and
Additional information omitted in GL accounts
Regression Analysis
Excel demonstration;
Violating assumptions and data problems:
Multicollinearity;
Nonconstant variance; and
Autocorrelated errors
Choices and other choices:
Explanatory variables—parameter estimation;
Functional form;
Sensitivity testing—hypothesis testing; and
Linear vs. nonlinear functions.
Learning Objectives
Participants will be able to define “econometric analysis,” along with common terms used in statistical analyses;
Participants will learn to understand the implication of use to avoid issues with data and assumptions; and
Participants will learn how to review, analyze, and conduct an econometric analysis of:
Incremental cost estimation using accounting data;
Regression analysis to quantify the change in the dependent variable as a function of one or more other variables:
Avoided or incremental cost estimation; and
Lost revenue estimation using benchmark data.
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