Step 1: Theoretical framework
The theoretical framework provides the basis for the selection and combination of variables into a meaningful composite indicator which is fit for purpose.
Step 2. Data selection
The selection of data and indicators should be based on the analytical soundness, measurability, country coverage, and relevance of the indicators to the phenomenon being measured and their relationship to each other.
Step 3: Imputation of missing data
After assembling a set of indicators, missing data can be imputed, outliers treated and transformations can be applied to indicators where necessary and appropriate.
Step 4: Multivariate analysis
The Multivariate analysis can be used to study the overall structure of the dataset, assess its suitability, and guide subsequent methodological choices (e.g., weighting and aggregation).
Step 5: Normalisation
Normalisation brings indicators onto a common scale, which renders the variables comparable.
Step 6: Weighting
When indicators are aggregated into a composite measure, they can be assigned individual weights. This allows the effect or importance of each indicator to be adjusted according…
Step 7: Aggregating indicators
Aggregation combines the values of a set of indicators into a single summary ‘composite’ or ‘aggregate’ measure.
Step 8: Sensitivity analysis
Sensitivity analysis quantifies the uncertainty caused by each individual assumption, which identifies particularly sensitive assumptions which might merit closer consideration.
Step 9: Link to other measures
The scores of the composite indicator (or its dimensions) should be correlated with other existing composite indicators and other indicators/data and to identify linkages through regressions.
Step 10: Visualisation
Composite indicators are ultimately a communication tool, which can be greatly enhanced by proper visualisation, both static and interactive (online). Good visualisation helps…
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