factor analysis
"Factor analysis" is widely used in statistics to simplify data sets by reducing the number of observed variables into fewer unobserved variables known as factors.
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Definition
C1Statistics
(technical, academic)A method that identifies underlying variables, or factors, that explain the pattern of correlations within a set of observed variables.
Example
- Researchers used factor analysis to determine the underlying factors affecting consumer behavior.
C1Data Analysis
(technical, academic)A statistical technique that reduces data dimensionality by grouping correlated variables into fewer unobserved factors.
Example
- The team applied factor analysis to simplify the complex dataset into more manageable factors.