How can each multivariate technique be utilized

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Reference no: EM131961871

Question: Assignment Objectives

1. Determine appropriate sampling methodologies for business settings and situations.

2. Explain the applications and limitations of statistical hypothesis testing as applied to business situations.

Using the information from Units 1-3, Big D Incorporated will be examining how multivariate techniques can serve them best and how they can be applied to their new client, the outdoor sporting goods customer. The Board of Directors has asked you to research and explain 3 major ways in which multivariate statistics are utilized in this scenario. In this case, be sure to justify your decision.

Research using the library and the Internet to find at least 1 example of how a real company has used each of the following multivariate techniques: factor analysis, multidimensional scaling, and cluster analysis. This can be considered a benchmark if you can justify how it could benefit Big D Incorporated.

Write a summary to upper management explaining the following:

• How can each multivariate technique be utilized in Big D Incorporated, and what purpose would each serve?

• Which technique is your preferred method, and how is your chosen multivariate technique different from the other two techniques?

• What will the Board of Directors learn from your selected technique and more importantly, how will it contribute to the overall decision-making process?

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By now some of you are thinking that Statistical Analysis is or can be pretty challenging. While you can be right, you can also be over thinking some of the problems or issues we have looked at so far in this class. This week will we examine correlation. How do we value correlations and determine if the underlying assumptions have determinate value. After all, that is the heart of decision-making. Here is the question you will be answering for IP4.

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:

• How can each multivariate technique be utilized in Big D Incorporated, and what purpose would each serve?

• Which technique is your preferred method, and how is your chosen multivariate technique different from the other two techniques?

• What will the Board of Directors learn from your selected technique and more importantly, how will it contribute to the overall decision-making process?

Reference no: EM131961871

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