I have some variables and I want to reduce their number for further analysis. I initially thought of combining them using factor analysis. But since the variables are of all kinds (rating, count, ordinal, continuous dollar amount) I am thinking about using CATPCA for it. However, I have some questions about the technique -
- Is CATPCA the right approach or Latent Class Factor Analysis would be the better one?
- By using the different kinds of variables together - how will the object scores be interpreted? For example - The rating question is on a 10 point scale but the dollar amount ranges from 0 to 1000s, so what will the object score obtained after CATPCA represent? And is it comparable to the Factor Score obtained from traditional PCA?
- For ordinal variables - Do all of them need to be in the same form, e.g. 1 meaning lowest and 10 meaning highest? Or can they be used in whatever form they are?
- Is it good to categorize the count and continuous variables based on their distribution and then treat then as ordinal/categorical variables?
I would highly appreciate any help you can provide!