Cluster Analysis is a method of statistical analysis that involves grouping individuals or objects by common characteristics of interest to the researcher. This technique is extensively used in various fields like marketing, finance, and sociology to identify patterns or behaviors among different groups for targeted actions.
The process of extracting useful knowledge from the huge volumes of data kept in modern computer databases using sophisticated algorithms and statistical techniques.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.