Using 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. Understanding Business Drivers And Improving Business Forecasts W/References

Big D Incorporated, using the data from Units 1 and 2, will examine how multivariate methods can best serve its organization and how they could be used to help it’s new customer, the outdoor sports goods customer. Your Board of Directors asked that you research 3 main ways multivariate stats are used in this case. Justify your decision in this situation. If you are able to justify the benefits it can bring, this can be used as a benchmark. The following can be summarized for the upper management. It will explain how each multivariate technique could be used in Big D Incorporated. What purpose would it serve. What is the preferred technique? How is it different to other multivariate techniques? How will your chosen technique benefit the Board of Directors? Make sure your explanations are clear and concise.
How to Improve Business Forecasts and Understand Business Drivers
The Content
Multivariate regression allows multiple predicted outcomes to be simultaneously monitored and analyzed. This assignment will focus on multivariate strategies which will most benefit Big D Incorporated’s new customers, those who purchase outdoor sports items. In the following paragraphs, we will discuss three major applications of multivariate statistical in this case: cluster, factor analysis and factor analysis. Cluster analysis can help group objects in an orderly fashion. It is used to identify objects with a similarity or lack of priority. Objects in one cluster are likely to be the same as objects in others (Jaggia and 2020). Big D Incorporated can design products using this strategy. They also have the ability to evaluate social media clusters which helps in identifying unmet consumer requirements. Cont…
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