The Importance of Data in the Modeling Process of the Realized Net Coal Production Level

Abstract

Data analysis and model building are important elements of enterprise management, especially in mining, where the risk of conducting business is high. The article presents the procedure of building an econometric model that presents the realized level of net coal extraction. The procedure of model construction was carried out using one of the data selection methods, namely the graph method. Although the process of selecting variables for the model is correct, it is not sufficient for the correctness of the model itself. The example given shows what problems may arise and answers the question of whether modeling alone is a sufficient process to describe the analyzed phenomenon.