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Concept of Variance in Decision making

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Factor Analysis Factor Analysis- What is?  Factor analysis refers to a collection of statistical methods for reducing correlational data into a smaller number of dimensions or factors A data reduction/Summarization or variable reduction technique Factor Analysis  Large number of variables are reduced according to their interrelationships to a few number of factors.  Factor analysis  finds relationships or natural connections where variables are maximally correlated with one another and minimally correlated with other variables, and then groups the variables accordingly Factor Analysis - types  Exploratory factor analysis (EFA ) Principal Component Analysis:  to uncover the underlying structure of a relatively large set of variables.  Confirmatory factor analysis (CFA) – principal axis factoring/principal factor analysis  To determine if the number of factors and the loadings of measured (indicator) variables on them conform to what is expected on the basis of pre-established theory Factor Analysis  Exploratory factor analysis (EFA) seeks to uncover the underlying structure of a relatively large set of variables. The researcher's à priori assumption is that any indicator may be associated with any factor.  This is the most common form of factor analysis. There is no prior theory and one uses factor loadings to intuit the factor structure of the data. Factor Analysis  Confirmatory factor analysis (CFA) seeks to deter ...
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