For this Knowledge Assessment, you perform test item analysis on the MoneyData dataset provided in the Week 2 Learning Resources.
The data file includes a six-item scale to measure financial risk-taking tendencies:
R1: I’d rather run my own business than work for someone else
R2: I don’t mind risking large amounts of money if there is a good chance I can come out ahead
R3: I’m willing to take real chances to get ahead financially
R4: I get bored unless I’m taking some risks with my career
R5: Being too conservative with your investments can cause financial problems
R6: Running a business is something that I think of as interesting and exciting
Calculate Cronbach’s coefficient alpha estimate of reliability for these six items. Click on ANALYZE>SCALE>RELIABILITYANALYSIS. Move the six items into the “Items” box. Click “Statistics” and under “Descriptives for,” select “Scale” and “Scale if item deleted.” Click on “Continue.” Select “Alpha” for the model. Click on “OK.” The alpha coefficient is a..45 b..57 c..79 d..84
Review the results you generated to answer the last question. The scale standard deviation is:a.5.02b.4.02c.25.2d.17.1
A scale’s standard error of measurement can be calculated from its standard deviation and reliability. Based on the coefficient alpha and standard deviation that you just calculated, what is this scale’s standard error of measurement? (Hint: see Anastasi, 1985, p. 107). a.2.28 b.3.28 c.3.56 d.4.56
Jane obtained a score of 20 on the financial risk-taking scale. There is a 99% chance that her true score is between: a.6.3 – 33.7 b.15.4 – 24. 6c.11.1 – 28.9 d.8.2 – 31.8
Which item would you eliminate in order to improve Cronbach’s coefficient alpha for the scale? a.R1 b.R3 c.R5 d.R6
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