Econometrics is a division of economics that uses the linear regression model, along with other mathematical formulas, to provide statistical analysis of many different economic policies and methods. Econometrics is necessary to help determine whether or not intended policies will actually develop as intended in the real world.

A Master of Science or MSc is a postgraduate degree typically in the fields of sciences and social sciences. MSc may be course-based, research-based, or a mixture of the two.

Online or distance learning refers to the use of electronic media and information and communication technologies (ICT) in education. With online learning, one can access education at any time and from any location with an available internet connection.