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Canonical Discriminant Analysis
An extension of discriminant analysis that reduces dimensionality and identifies the linear combinations of variables that best separate different classes.
Implications
A statistical method used to differentiate between two or more groups based on their characteristics, often used in classification problems in marketing, finance, and biology.
Example
Example: A financial analyst uses canonical discriminant analysis to classify loan applicants into low-risk and high-risk categories based on their credit scores and financial history.
Related Terms
Different from logistic regression, which predicts a binary outcome, canonical discriminant analysis focuses on separating and classifying multiple groups.
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