factor-comparison method

a method of evaluating jobs for the purpose of setting wage or salary levels in which positions are compared to certain benchmark jobs in terms of compensable job factors. The factors usually include mental requirements, skill requirements, physical requirements, responsibility, and working conditions. Compare classification method; Hay method; job-component method; point method; ranking method. See job evaluation.

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Psychology term of the day

December 23rd 2024

factor theory

factor theory

in classical test theory, the supposition that a set of correlated variables can be reduced to a smaller set of underlying dimensions or factors. It follows that each person’s observed score can be represented by a factor loading times a factor plus error variance.