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.
give 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 – 2.500word