Expert answer:multivariate techniques/ multivariate statistics
Expert answer:A high-end market research firm has contacted your boss and is trying to sell some business to your organization. Upper management does not want to appear incompetent, so they have asked you to research and explain three major ways multivariate statistics are used in a business. Research the library to find at least one example of how a real company has used each of the following multivariate techniques: factor analysis, multidimensional scaling, and cluster analysis. NOTE: Companies that provide statistics software Web sites and market research firm Web sites usually include case studies and customer testimonials. Write a summary to upper management explaining the following: Your chosen multivariate technique How your chosen multivariate technique is different from the other two techniques How at least one other real-life company has used your chosen multivariate technique to address a business program How your chosen multivariate technique might be used at your own organization. 1,500 to 2,500 words needed It should include brief summary of the three companies you found one using factor analysis, another using multidimensional scaling and another using cluster analysis (about one-two paragraph each ) For our company, I believed that the best technique to apply is cluster analysis, the reasons and how is different from others.
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