Since the beginning of the twentieth century the economic and social life of the people and the functional system of industry and business, educational and medical facilities and other activities of the community have undergone substantial changes due to spectacular developments in the field of science and technology. Now the emphasis is on specialization in mass production and utilization of goods and services of a given type with a view to get the maximum possible benefit per unit of cost. Considerable planning is required in a large-scale projects...
Transformation of Data
Note: It should be emphasized that transformation of data in statistics, if needed, must take place right at the beginning of the statistical analysis.
The validity of analysis of variance depends on certain important assumptions like normality of errors and random effects, independence of errors, homoscedasticity of errors and effects are additive. The analysis is likely to lead to faulty conclusions when some of these assumptions are violated....
Conjoint Analysis
Conjoint Analysis is a popular marketing research technique that marketers use to determine what features a new product should have and how it should be priced which is a multivariate analysis technique introduced to the marketers in 1970's. Conjoint Analysis is basically a data de- compositional technique which tries to plot the output data on the joint space of the importance of each attribute. The important point to note is that the consumer...