Exploratory Factor Analysis is an item-reducing strategy intended to create factor scores. For example, if you have a 100 question survey, you probably don’t have 100 unique constructs/factors. Factor analysis would “boil-down” these 100 questions to perhaps 10 subscales or constructs.
Two important issues in Exploratory Factor Analysis is how many factors there are, and which questions load on (or relate) to that factor. There are several ways to determine the number of factors: scree plot, 70% or more of the variance accounted for, etc. After the number of factors is determined, the questions that go with each factor can be determined by taking your sample size, noting the critical value for a correlation given that sample, and doubling it. If you had 50 observations (participants), the critical value of the correlation at an alpha of .05 is .361; doubling this value equals .722. That is, questions that have a loading of .722 or more would go with that factor.
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