ECONOMICS

Detailed explanation-1: -(1) Cluster analysis is a technique used to divide an information set into mutually exclusive groups such that the members of each group are as close together as possible to one another and the different groups are as far apart as possible.

Detailed explanation-2: -Clustering analysis is one of the techniques that enable to partition a data set into subsets (called cluster), so that data points in the same cluster are as similar as possible, and data points in different clusters are as dissimilar as possible.

Detailed explanation-3: -Cluster analysis is a multivariate data mining technique whose goal is to groups objects (eg., products, respondents, or other entities) based on a set of user selected characteristics or attributes.

Detailed explanation-4: -The short answer: Data Classification is the process of organizing data into categories for its most effective and efficient use.

Detailed explanation-5: -The hierarchical cluster analysis follows three basic steps: 1) calculate the distances, 2) link the clusters, and 3) choose a solution by selecting the right number of clusters. First, we have to select the variables upon which we base our clusters.