Big Data is everywhere and various businesses around the world are driven by Big Data. However, while some businesses rely on Big Data for organizational decision making, this does not mean that the implications and applications of Big Data are properly used to ensure optimal effectiveness for the organization
For this scenario, you have been appointed as the Business Analyst for Big D Incorporated charged with providing authoritative recommendations to the Board of Directors. As the Business Analyst, the recommendation you provide will be based upon data calculated from statistical appropriate formulas. Be reminded that you are not the company’s statistician yet the Business Analyst and therefore responsible for interpreting statistical data and making the appropriate recommendations.
Big D Incorporated was offered a series of business opportunities and it is your job as the Business Analyst to provide expert insight and justification for recommendations regarding these potential prospects.
Using the information from Units 1–3, Big D Incorporated will be examining how multivariate techniques can serve them 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 at least 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:
- 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?