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.
Small Group Discussion
Research the library, and provide at least 1 example of how
a real company has used each of the following multivariate techniques: factor
analysis, multidimensional scaling, and cluster analysis. Companies that
provide statistics software Web sites and market research firm Web sites
usually include case studies and customer testimonials.
Read the postings of all group members, and decide as a
group which technique is preferred by the group and which example best
illustrates the use of this technique.
Use the Small-Group Discussion Board for your comments.
Individual Portion
For the individual portion of this project, on your own,
write a summary of 1,500–3,000 words explaining to upper management the chosen
multivariate technique, how it is different from the other 2 techniques, how at
least 1 other real-life company has used this technique to address a business
problem, and how that technique might be used at your own organization.
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