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Multivariate analysis (MVA) is based on the statistical principle of multivariate statistics, which involves observation and analysis of more than one statistical outcome variable at a time1. In design and analysis, the technique is used to perform trade studies across multiple dimensions while taking into account the effects of all variables on the responses of interest.
Statistics is the foundation for Business Analytics: Master it with MBA in Business Aanalytics
In general what is true about predicting the success of a politician with the help of intelligence software, as pointed out above, is equally true for predicting the success of products and services with the help of statistical techniques. The products and services could be physical, financial, promotional like advertisement, behavioural like motivational strategy through incentive package or even educational like training programmes/ seminars, etc. These techniques basically involve reduction of data and its subsequent summarisation, presentation and interpretation. A classical example of data reduction and summarisation is provided by SENSEX (Bombay Stock Exchange) - Which is one reference number like 18,000, but it represents movement in share prices listed in Bombay Stock Exchange .Yet another example is the Grade Point Average , used for assessment of MBA students, which ‘reduces’ and ‘Summarises’ marks in all subjects to a single number.
In general, any problem in life whether relating to an individual, like predicting the cause of an ailment or behavioural pattern, or relating to an entity, like forecasting its futuristic status in terms of products and services, needs collection of data on several parameters. These parameters are then analysed to summarise the entire set of data with a few indicators which are then used for drawing conclusions. The following techniques (with their abbreviations in brackets) coupled with the appropriate computer software like SPSS, play a very useful role in the endeavour of reduction and summarisation of data for easy comprehension:
Before describing these techniques in detail, we provided their brief description so as to indicate their relevance and uses, in a tabular form as given below. This is aimed at motivating individuals to learn these techniques and inducing confidence in using SPSS for arriving at final conclusions/ solutions in a research study.
Statistics for management by T N Srivastava and Shailaja Rego, Published by the Tata McGraw- Hill Publishing Company Limited.
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