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. In addition to providing examples, define each of these techniques.© BrainMass Inc. brainmass.com June 4, 2020, 3:23 am ad1c9bdddf
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There are several real life examples of companies that have used all three of these multivariate techniques. This paper will define each of these statistical multivariate techniques and identify at least one real world example of a company that uses factor analysis, multidimensional scaling and cluster analysis.
Factor analysis is a statistical method that looks at variability that is found between various data. It compares observed data and unobserved data. Multidimensional scaling is a statistical method that looks at similarities and differences in data. Cluster analysis is a statistical method that categorizes data into clusters. Each cluster has similar characteristics with the data within the cluster and the clusters are different from each other.
First, let's look at factor analysis. Factor analysis is used by URIKA Research. URIKA ...
This solution defines factor analysis, multidimensional scaling, and cluster analysis, and provides a real world example of organizations that have used these multivariate techniques.