19th February 2005, 04:40 PM
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Member
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Join Date: Jan 1970
Posts: 696
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Dr Ron,
I have attached a spreadsheet that will help you understand how to assign statistical Weights to Variables/Factors based on Observed and Expected results and to a confidence level
You can compare the results of each Variable/Factor tested to a fixed standard and then assign a Statistically Significant Weight to each performance IN ORDER TO DETERMINE IF THE POINT SYSTEM PERFORMED BETTER THAN RANDOM CHANCE?
In the attached SPREADSHEET simply enter the EXPECTED PERCENTAGE, THE OBSERVED PERCENTAGE, and THE TOTAL NUMBER OF OBSERVATIONS. The SPREADSHEET will compute the POINTS to assign to that FACTOR. In order to be statistically significant the POINTS COMPUTED must be more POSITIVE or more NEGATIVE than the CRITICAL SCORES at the bottom of the page.
You would go thru each Variable /Factor ranking enter the data for each ranking record the result Point score and ROE score the ROE records if it is statistically significant ie greater than 90% etc..
Most Basic point score systems would use the above method
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