FACTOR ANALYSIS Meaning and
Definition
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Factor analysis is a statistical technique used to understand the underlying structure or patterns within a set of variables. It aims to identify the correlations between these variables and their common dimensions or factors. By extracting these factors, factor analysis enables researchers to reduce the complexity of data and provide insights into the relationships between variables.
In factor analysis, the relationship between observed variables and unobservable factors is explored. It assumes that the observed variables are manifestations of these underlying factors, which cannot be directly measured. The technique seeks to determine the number of factors that contribute to the observed variation, as well as the weight or influence of each factor on the variables.
Factor analysis offers various methods for extracting factors, including principal component analysis, maximum likelihood estimation, and common factor analysis. These methods differ in how they prioritize certain aspects, such as capturing the most significant information, maintaining interpretability, or optimizing the fit between the observed variables and the extracted factors.
The results of factor analysis provide researchers with a reduced number of factors that explain the data's variance while minimizing redundancy. This allows for a more concise representation of the data and helps in identifying the underlying dimensions or constructs that contribute to the observed variables. Factor analysis is commonly utilized in diverse fields like psychology, market research, sociology, and other social sciences, where it aids in identifying latent factors that impact human behavior or attitudes.
Common Misspellings for FACTOR ANALYSIS
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Etymology of FACTOR ANALYSIS
The word "factor analysis" is derived from two components: "factor" and "analysis".
The term "factor" comes from the Latin word "factor", which means "doer” or "maker". In the context of factor analysis, a factor refers to a latent variable or dimension that represents a group of related observed variables. The idea is that these factors "do" or "cause" the observed variables to covary or vary together.
The term "analysis" comes from the Greek word "analysis" or "analusis", meaning "a loosening" or "a breaking up". In the context of factor analysis, analysis refers to the process of breaking down or decomposing the observed variables into their underlying factors or dimensions.
Similar spelling words for FACTOR ANALYSIS
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