QI What is Conjoint Analysis?

Conjoint analVsiS is a multivariate method for assessing customers' reactions to and

preferences for predetermined product attribute combinations that represent potential products (i.e., goods or services).
Conjoint analysis provides researchers with insights into customers' product preferences, and allows them to identify
product attributes as well as attribute combinations most appealing to customers. 3 Conjoint analysis i' based on
customer feedback data on a select number of products that are each designed around different levels of the same
product attribute(s) referred to as product bundles). Steps-I, Attribute Identification: Identif'• the kev attributes (e.g.,
price, brand, features) relevant to your product or services. 2, Attribute Levels: Define the different levels or options for
each attribute (e.g., low, medium, high prices).3. Choice Sets: Create hypothetical product or service profiles by combining
attribute levels into choice sets.4. Data Collecton: Collect responses from participants who rank, rate, or choose their
preferred options from the choice sets, 5. Analysis: Use statistical methods to analyze the collected datar estimate
attribute preferences, and calculate utilities. 6. Segmentation: Segment respondents based on their preferences,
identifying different consumer groups. 7. Market Simulation: Simulate market scenarios to make predictions about
product success based on attribute changes, Q.2 WHAT IS REGRESSION ANALYSIS? RegressiOn analysis is the statistical
method used to determine the structure Of a relationship between two variables (single linear regression) or three or
more vanables (multiple regression). Regression is used for two primary purposes: 1. To study the magnitude and
structure of the relationship between variables 2, To forecast a variable based on its relationship with another variable.

One way to think Of regression is by visualizing a scatter plot Of your data With the independent variable on the X-axis
and the dependent variable On the Y-axis. 2 The regression line ig the line that best fits the scatter plot data. The
regression equation represents the line's slope and the relationship between the two variables, along with an estimation
of error. Q3 Demand FOrecasting- Demand forecasting is the process of using historical data, statistical analysis, and
market insights to predict future customer demand for a product or service. It helps businesses anticipate consumer
needs and make informed decisions regarding production, inventory management, and supply chain planning. Accurate
demand forecasting can lead to improved efficiency, cost savings, and better customer satisfaction, Scope-I Production
planning: By forecasting demand, businesses can plan their production schedules and ensure they have the necessary
resources to meet the demand. This can help businesses avoid overproduction or stockouts„ which can lead to
increased .2 Inventory management: Demand forecasting can help businesses optimize their costs and lost sales
opportunities, inventory levels by ensuring they have enough stock on hand to meet demand without carrying excess
inventory. This can help businesses reduce storage costs and minimize the risk of inventory obsolescence. 3 Pricing
optimization: By understanding demand patterns, businesses can optimize their pricing strategies to maximize their
profits, For Example. if demand for a product is high, businesses can increase the price to capture more Value, Converselýr
if demand is IOW, businesses can reduce the price to stimulate demand. 4 Promotions planning: By forecasting demand,
businesses can plan their promotions and discounts to align with periods of high demand. This can help businesses
maximize the impact or their promotions and avoid offering discounts during periods of low demand, 5 New product
development: Demand forecasting can also be used to inform new product development by identifying gaps in the market
and predicting the demand for new products, This can help businesses develop products that are more likely to succeed in
the long run. 04 What is Data Collection? In Statistics, data collection is a process of gathering information from all the
relevant sources to find a solution to the research problem, It helps to evaluate the outcome of the problem. The data
collection methods allow a person to conclude an answer to the relevant question. Most Of the organizations use data
collection methods to make assumptions about future prObabilities and trends, Once the data is collected, it is necessary
to undergo the data organizaöon process, The main sources of the data collections methods are "Data", Data can be
classified into two types, namely primary data and secondary data. Primary Data collection Method Primary data or raw
data is a type of information that is obtained directlv from the first-hand source through experiments, surveys or
observations. The primary data collection method is further classified into two types, Quantitative Data Collection
Methods It is based on mathematical calculations using various formats like close-ended questions, correlation and
regression methods, mean, median or mode measures. This method is cheaper than qualitative data collection methods
and it can be applied in a short duration of time Qualitative Data Collection Methods It does not involve any mathematical
calculations. This method is closely associated with elements that are not quantifiable, This qualitative data collection
method includes interviews. questionnaires, observations, case Studies, etc; There are several methods to collect this type
of data. They are 1 Observation Method Observation method is used when the study relates

béhavioural science. This method is planned systematically, It is subject to many controls and checks The different types
of observations are; Structured and unstructured observation, Controlled and uncontrolled observation , Participant,
nonpartcipant and disguiSed observation,2 Interview Method The method of collecting data in terms of verbal responses,
It is achieved in two Ways, such as A Personal Interview — In this method, a person known as an interviewer is required to
ask questions face to face to the other person. The personal interview can be structured or unstructured, direct
investigation, focused conversation, etc, BTelephonic Interview— In this method, an interviewer obtains information
contacting people on the telephone to ask the questions or views, verbally.3 Questionnaire Method In this method, the
set of questions are mailed to the respondent. They should read, reply and subsequently return the questionnaire. The
questions are printed in the definite order on the form, Secondary Data Collection Methods Secondary data is data
collected by someone other than the actual user, It means that the information is already available, and someone
analyses it' The secondary data includes magaŽines, newspapers, books, journals, etc. It may be either published data or
unpublished data. Published data are available in various resources including Government publications ,Public records,
Historical and statistical documents ,Business documents
,Technical and trade journals. Unpublished data includes Diaries Letters and Unpublished biographies. etc. Q5 Exploratory
data Analytics Exploratory data analysis (EOA) is an approach of analyzing data sets to summarize their main
characteristics, often using statistical araphics and other data visualization methods. A statistical model can be used or
not, but primarily EDA is for seeing what the data can tell us beyond the formal modeling and thereby contrasts
traditional hypothesis testing. Exploratory data analysis has been promoted by John Tukey since 1970 to encourage
statisticians to explore the data, and possibly formulate hypotheses that could lead to new data collection and
experiments. EDA is different from initial data analysis (IDA), which focuses more narrowly on checking assumptions
required for model fitting and hypothesis testing, and handling missing values and making transformations Of variables as
needed. EDA encompasses IDA Steps Involved in Exploratory Data Analysis Data Collection- Data collection is an essential
part of exploratory data analysis. It refers to the process of finding and loading data into our system- Good. reliable data
can be found on various public sites or bought from private organizations- Some reliable sites for data collection are aggie,
Github, Machine Learning Repository, etc. Data Cleaning• Data cleaning refers to the process Of removing unwanted
variables and values from your dataset and getting rid of any irregularities in it. Such anomalies can disproportionately
Skew the data and hence adversely affect the results, Univariate Analysis In Univariate Analysis, you analyze data Of just
variable. A variable in dataset refers to a Single feature/ column, You dn this either With graphical non-graphical means
by finding specific mathematical values in the data. Bivariate Analysis Here, vou use two variables and compare them, This
way, vou can find how one feature affects the other, 't is done with scatter plots, which plot individual data points or
correlation matrices that plot the correlation in hues. You can also use boxplots.