What are the steps involved in factor analysis? Please anyone here could brief me with that?
The basic steps required to conduct a factor analysis are:
1. Calculate a correlation matrix of all variables to be used in the analysis: it is the first step of factor analysis. It will help you to understand how the factor analysis will work.
2. Extract factors: The main focus of this step is to extract the factors.
3. Rotate factors to create a more understandable factor structure.
4. Interpret results.