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Overview of Multivariate Methods - Guidelines for analysis and interpretation

4 important questions on Overview of Multivariate Methods - Guidelines for analysis and interpretation

What is the 6-step approach as discussed by Hair et al?

The 6-step approach developed by Hair et al., discuss a framework for developing, interpreting and validating any multivariate analysis. It consists of the following steps:
1. Define a research problem, objectives, and multivariate technique to be used.
2. Develop the analysis plan.
3. Evaluate the assumptions.
4. Estimate the multivariate model and evaluate fit.
5. Interpret the variates.
6. Validate the multivariate model.

What is a validation sample?

A validation sample is a set of the sample size that is held out from estimation and then used for an independent assessment of model fit on data that was not used in the estimation.

What is the difference between reliability and validity?

Reliability is the extend to which a variable or set of variables is consistent in what it is intended to measure. It is related to how it is measured, and to the consistency.

Validity is the extent to which a measure or set of measures correctly represent the concept of study. Stated differently: the extend to which the data is free from systematic error. It is about how well the concept is defined by the measures. It is about what should be measured.