Question
Download Solution PDFStatistical technique used to reduce a set of data by grouping similar variables into basic components is known as
Answer (Detailed Solution Below)
Detailed Solution
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- Factor analysis is a multivariate statistical technique that helps to identify common patterns among observed variables and reduce the dimensionality of the data.
- It involves extracting a small number of latent factors that explain the correlations among the observed variables, and then interpreting those factors based on the characteristics of the variables that load most heavily onto them.
Thus, Statistical technique used to reduce a set of data by grouping similar variables into basic components is known as factor analysis.
Additional InformationCanonical correlation: A statistical technique that analyzes the relationships between two sets of variables.
Meta-analysis: A statistical method that combines the results of multiple studies on the same topic to arrive at an overall conclusion.
Error variance: The amount of variability in a set of data that is not accounted for by the independent variables in a statistical model.
Last updated on Jul 6, 2025
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