Selection of Variables and Factor Derivation
Abstract
This chapter deals with one of the aspects of commercial data analysis that may be more difficult for newcomers: selecting and deriving key factors from a large number of variables. On the one hand, the novice analyst may think that this is a totally intuitive process performed by business experts. On the other hand, the novice may consider the process to be completely statistical. The reality is found somewhere between the two approaches. From a practical point of view, two different starting points can be considered: (i) What data do I have and what can I do with it? and (ii) I know the final goal or result that I am interested in and I am prepared to obtain the necessary data to ...
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