Discriminant Analysis is statistical tool with an objective to assess to adequacy of a classification, given the group memberships or to assign objects to one group among a number of groups. Discriminant Analysis has various benefits. It can be used to determine which predictor variables are related to the dependent variables and to predict the value to dependent variable given certain values of the predictor variables. It is also widely used to create Perceptual Mapping by marketers and has some benefits over other methods that use perceived distances like the option of using tests of significance to check for dissimilarities among products and that the distances between two products would not be impacted by other products included in the study.
Mainly discriminant analysis is used to figure out the future buying behavior of a specific product by the customer or the likelihood of patient who might suffer from a specific disease.
Data Analysis & Report Writing
There are a variety of specific data analysis method, some of which include are:-