(a) How would you differentiate among multiple discriminant analysis, regression analysis, logistic regression analysis, and analysis of variance? (b) Explain at least two use cases from Marketing where discriminant analysis can be useful. Your answer needs to give the details of the scenario clearly. (c) Explain all the steps involved in Discriminant Analysis along with a detailed interpretation of the key outs of the model.
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
(a) How would you differentiate among multiple discriminant analysis,
Step by step
Solved in 2 steps
