Homework: Understanding Business Drivers and Improving Business Forecasts
Using the information Big D Incorporated will be examining how multivariate techniques can serve the organization 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 an 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:
a) How can each multivariate technique be utilized in Big D Incorporated, and what purpose would each serve?
b) Which technique is your preferred method, and how is your chosen multivariate technique different from the other two techniques?
c) What will the Board of Directors learn from your selected technique and more importantly, how will it contribute to the overall decision-making process? Ensure that your explanation is clear and concise in its explanation.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.