Introducing Unit Invariant Knee (UIK) As an Objective Choice for Elbow Point in Multivariate Data Analysis Techniques
7 Pages Posted: 27 Sep 2017
Date Written: March 1, 2016
We are introducing the Unit Invariant Knee (UIK) point as an objective estimator for using elbow criterion in multivariate data analysis and especially in PCA, FA, AA and CA. Our computation is based on Extremum Distance Estimator (EDE) which is used for inflection and knee point identification. Examples of usage for each category are given using proper R codes.
Keywords: elbow criterion, factor analysis, PCA, archetypal analysis, cluster analysis, scree plot, variance explained, knee point, EDE
JEL Classification: C02, C65, C87
Suggested Citation: Suggested Citation