Do you deal with BIG DATA, but find it a bit overwhelming? Factor analysis may be just the answer you’ve been looking for.
Factor analysis is an exploratory analysis and a data reduction technique used for segmentation purposes. Large data can become very unwieldy and difficult to work with. If you have a HUGE sample, but are trying to understand just A FEW variables within that sample, factor analysis allows you to divide the sample into a smaller number of groups, to identify clusters with more useful variables. Factor analysis will “compress” the data into a smaller number of variables, grouping similar variables into dimensions so the analyst can observe how they are interlinked (also called identifying latent variables).
Identification of Underlying Factors:
– clusters variables into homogeneous sets
– creates new variables (i.e. factors)
– allows us to gain insight to categories
If your Big Data is overwhelming you, let Persuadable Research help you break it down into useful insights that will move your brand forward.