Raymond Cattell's factor analysis method is a statistical technique used to identify underlying factors or dimensions within a large set of variables. It helps in reducing complex data into simpler components and understanding the relationships between variables.
Related terms
Correlation coefficient: A statistical measure that indicates the strength and direction of the relationship between two variables.
Principal component analysis: A dimensionality reduction technique that identifies the most important features or components in a dataset.
Market segmentation: The process of dividing a market into distinct groups based on certain characteristics to better understand consumer behavior.
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