Question

Describe an application of multivariate statistical analysis that is specific to your industry(Education or Scientific Research) or to your academic interests(data science). Explain why this technique is suitable in terms of measurement scale of variables and their roles.

Answer 1

Multivariate statistical analysis is applied in customer segmentation for data-driven decision making and targeted marketing strategies.

Step-by-step explanation:

An application of multivariate statistical analysis in the field of data science is in customer segmentation. This technique is suitable because it allows businesses to understand the relationship between multiple variables, such as demographic information, purchasing behavior, and interests, in order to group customers into distinct segments. By using multivariate statistical analysis, businesses can make data-driven decisions and tailor their marketing strategies to target each segment effectively.