Topic: Applied Managerial Decision-Making
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.write a summary explaining to upper management the
chosen multivariate technique, how it is different than the other 2 techniques, how at least one other real-life company has used this technique to address a business
problem and how that technique might be used at your own organization.
WidgeCorp became the market leader in snack foods after acquiring a rival company, Company W. Their management style and business decision-making differed. Employees
at WidgeCorp collected relevant data and through statistical analysis used this information to draw conclusions and make appropriate recommendations. Company W tended
to rely on the experience and judgment of its managers. For the time being, both companies are being managed separately, but within the next twelve months they will
merge all management, processes, and accounting. You work for Company W and are a little nervous about this new way of working, but realize that you need to be able to
present issues and recommendations with statistical verification to the WidgeCorp executives. You will also introduce and employ statistical analysis to the senior
management of Company W’s various departments such as Marketing, Sales, and Production. Part of your job will be to educate Company W as well.