Understanding Business Drivers and Improving Business Forecasts (Essay Sample)
DescriptionUsing the information from Units 1, 2, and 3, Big D Incorporated will be examining how multivariate techniques can serve the organization best and how they can be applied to its 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 example of how a real company has used each of the following multivariate techniques: Factor analysis
Multidimensional scaling
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? Ensure that your explanation is clear and concise.
Understanding Business Drivers and Improving Business Forecasts
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Understanding Business Drivers and Improving Business Forecasts
The dynamism in the contemporary business environment has compelled many organizations to integrate statistical techniques to have a more explicit understanding of the extracted data market. Multivariate analysis techniques are equally important in providing necessary information considering that they facilitate consumer and market analysis, process optimization and control, quality control and assurance, and research and development (Shiker, 2012). Multivariate statistics are keen on examining the simultaneous impact of multiple variables (Kirch, 2008). Some of the most popular multivariate analysis techniques include but are not limited to factor analysis, multidimensional scaling, and cluster analysis. These techniques could come in handy as Big D Incorporated endears to impress its most recent client. This outdoor sporting goods customer is keen to expand its revenue base through exceptional market research. To this end, the cluster analysis appears to be the most beneficial technique as it groups its clients appropriately and can gather conclusive yet essential market information.
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