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Factor analysis and its assumptions

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What is factor analysis statistical method, its test assumptions, and when is this test appropriate to use? How many independent and dependent variables are generally involved?

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What is factor analysis statistical method?
Factor analysis is a statistical method used to investigate whether a number of variables of interest are linearly related to a smaller number of unobserved variables.It is a data reduction tool which removes repetition from a set of correlated variables. The core objective of factor analysis is to reduce the number of variables used to explain a relationship. ...

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This solution discusses factor analysis and its assumptions.