What is factor analysis in simple terms?

Related questions

1. How is factor analysis used to identify personality traits?
2. How do you calculate communality in factor analysis?
3. How does factor analysis work?
4. What is KMO and Bartlett's test of sphericity?
5. What is SRMR?
6. What is a latent variable in psychology?
7. What is factor loading matrix?
8. What is the difference between endogenous and exogenous variables?
9. What will happen when eigenvalues are roughly equal?
10. What does negative factor loading mean?

Tags

1. #measured
2. #associated
3. #understandable
4. #confounding
5. #manageable
6. #patterns
7. #analysis
8. #variable
9. #shrinking
10. #similar
11. #factor
12. #called
13. #observed
14. #response
15. #variables
16. #hidden
17. #smaller
18. #directly