Cluster Analysis - Basic
8 important questions on Cluster Analysis - Basic
What is the thing that cluster analysis do?
What are typical applications of cluster analysis?
- Understanding buyer behavior by identifying homogenous groups of buyers.
- Market segmentation
- analysis of strategies
When should an outlier be retained in Cluster analysis?
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Where are distance measures most often used for?
What is the most common measure of distance?
Why do we use standardized variables with cluster analysis?
How are variables most of the times standardized?
Which approaches are part of the agglomerative approaches?
- Single linkage (nearest neighbor)
- Complete linkage (farthest neighbor)
- Average linkage
- centroid method
- ward's method
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