A high-end market research firm has contacted your boss and is trying to sell some business to your organization. Upper management does not want to appear incompetent, so they have asked you to research and explain three major ways multivariate statistics are used in a business.
multivariate techniques: factor analysis, multidimensional scaling, and cluster analysis
For the individual portion of this project, on your own, write a summary of 1,500–3,000 words explaining to upper management the chosen multivariate technique, how it is different from the other 2 techniques, how at least 1 other real-life company has used this technique to address a business problem, and how that technique might be used at your own organization.
The focus should be on multidimensional scaling and how it differs from factor analysis and cluster analysis using a real life company as an example.