Final answer:Factor analysis is a statistical technique used to identify the minimum number of variables accounting for the intercorrelations between the phenomena. Its goal is to reduce the dimensionality of the dataset while still preserving as much of the original variance as possible.Explanation:Factor analysisis a statistical method predominantly used in psychology, social sciences, and marketing that serves to identify the minimum number of variables (also called factors or components) accounting for the intercorrelations between the phenomena under study. These minimum number of variables represent the latent, or unseen, constructs that underlie the dataset. The goal of factor analysis is to reduce the dimensionality of the original dataset while still retaining most of the original variance.For instance, in a survey on product preferences, several questions might measure the latent factor of "product quality", and another set might measure "price sensitivity". By grouping these related variables together, factor analysis simplifies the data structure and provides an understanding of the underlying concepts or factors influencing the responses.Learn more about Factor Analysis here:brainly.com/question/31840715#SPJ11...

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