The main teaching and research areas of the Department of Econometrics are operation research, input-output analysis, econometrics, game theory, stochastic processes, mathematical programming, simulation, graph theory, networks analysis, optimal control and mathematical economics. A strong emphasis is placed on the use of computers and on applied phases of professional careers in business, commerce, finance or in general managerial functions.
The "efficient allocation of resources" is the subject matter of economics. The traditional role of econometricians is to "test" alternative economic theories, that is, to confront theories with real data and to reject those that are not compatible with reality. This was, and still is, a very important function, one that occupies most of the research time of the majority of academic econometricians. It is what transformed economics from an "art" into a "science". However, it only gave the econometrician an indirect role as an economist's sidekick. If economists do not come up with new theories, econometricians do not have anything to do!
Regardless of what economists do, economic problems persist in reality. Decisions have to be made. The modern role of an econometrician is therefore more direct. Econometricians extract information from the available data in order to provide support for an economic decision. The raw material that the econometrician uses is more often real observed data, instead of economic theory. Of course, in any specific problem area if an economic theory that has been validated by data exists, it will be used. If no such model exists, however, the econometrician still has to make a statistical model for the data and provide intelligent support for the decision process.
In Economics and business there has been increasing use of mathematical and statistical methods. In government departments, banks and insurance companies, manufacturing and marketing companies, public corporations and agencies, research institutes and universities, the services of those with training in quantitative research methods are in high demand. This is partly due to an increasing availability of data, but also to a growing awareness of the importance of quantitative analysis in understanding business and the economy and in providing a more scientific basis for decision making.  The courses offered by the discipline provide training suitable to a wide range of career choices.
The courses in Econometrics build on the theory of statistics and show how it may be applied to problems that arise in business and economics. Some of the areas covered are probability, estimation and hypothesis testing, regression, time series analysis, sampling, applied econometrics and stochastic modelling. The courses in Management Science develop decision making theory and techniques and show how these may be applied to management problems that arise in business and economics. Some of the areas covered are linear programming models, project management, inventory control, facility design and waiting lines, network flow models, business games, dynamic programming, Markov processes and simulation. Instruction in the use of computer software is provided in all the courses offered.