I have been tasked with trying to modify our current "index" which basically takes 4 observations per person and calculates a score based on what they achieve. Here is how the score is created (all variables are ordinal in nature, higher scores representing more desirable outcomes):
- Variable A - gets a score of 1 to 3
- Variable B - gets a score of 1 to 3
- Variable C - gets a score of 1 to 5
- Variable D - gets a score of 1 to 8
Basically what I am looking to do is revise our index but have little experience doing so using a statistical framework. What techniques exist? My "problem" is that I will most likely be required to keep the same max score (19, maybe 20) and use the same 4 variables. Lastly, I will need to be able to explain the score in a way that our MIS department can code the index back into our database.
Any help or insight you can provide to get me started will be very much appreciated.