How a business may use the factor analysis
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Last Updated:
16-Oct-23
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Question: Describe at one potential example, how a business may use the factor analysis.
In your post Include:
the link to a sample dataset, you`ve found.
Suggested factors that can be related to the variables in the dataset (at least three factors with minimum of three variables per factor). The variables must be present in the sample dataset.
An explanation of the suggested nature of the relations between the factors and the variable. Explain what mathematical formula will explain those relations (linear, or non-linear). Discuss how factor analysis can model that relation.
Practical implication of a potential of having factors scores computed for factors you have guessed.