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Real Asset Appraisal Techniques


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Land, Infrastructure, and IntangibleReal Assets
What are the categories of Real assets ?
Binomial option pricing model ?
Binomial option pricing model: can be used to value undeveloped land as a call option. The components of the call option are: strike price, time to expiration, underlying asset, option payoff, exercising the option, and option moneyness.
Investable infrastructure has seven key characteristics ?
Investable infrastructure has seven key characteristics: Public use of the asset or service. Monopolistic power to set prices. Government related.
A discounted cash flow approach ?
A discounted cash flow approach is the best way to value an intellectual property (IP) investment.
Return management methods for real assets ?
Return management methods for real assets:
Sequential-pay collateralized mortgage obligation ?
Sequential-pay collateralized mortgage obligation: pays a predetermined share of the interest payments to each tranche. Principal payment receipts are based on tranche seniority. Lower seniority tranches do not receive principal payments until senior tranches are repaid.
Stages of the real estate development process ?
Stages of the real estate development process:
viewed as a real call option.) ?
Real estate development stages (Each step can be
Decision tree ?
Decision tree: Analysis tool for valuing real estate as a string of call options. Involves working backwards from the final decision nodes toward the first decision nodes based on a valuation analysis at each node
Comparable sales approach ?
Comparable sales approach: uses recent transaction values of similar properties, adjusted for subject property differences.
Critical risk factors in real estate investment ?
Critical risk factors in real estate investment: financial risk, business risk, operational risk, liquidity risk, inflation risk, and legal risks.
Real Asset
"physical asset", typically tangible; physically observable or touchable item
Undeveloped Land
RA, not currently used -> generates scare resource = crops or shelter.
Land Banking
Purchase undeveloped land -> to develop land for future
Infrastructure
underlying foundation -> basic services, facilities, institutions.
Intellectual Property (IP)
ownership rights to ideas. Intangible asset = patents, copyrights.
Smoothing
Results = lower price & lower volatility & lower correlation. Asset looks less risky than it might actually be.
Maximum Drawdown
% difference between peak and trough
Volatility Impact of Managed Returns
Some managers have discretion with respect to reporting asset values. Results in managed returns.
Raw Land
does not lose its value over long time.
Greenfield vs Brownfield
Greenfield = project must be constructed
Social Infrastructures
Educational, Health Care, Security/Recreational, Public housing facilities
Energy/utility,communication,transport
Economic Infrastructures
Benefits of Farmland
Generates crop income.
Infrastructure Investments
stocks and listed funds of infrastructure stocks, closed-end funds and unlisted (evergreen) open-end funds.
Farmland Risk
Agency risk: agent hired by an investor does not act in the investor's best interests.
Timberland Investments
exposure -> exchange traded funds (ETFs) and real estate investment trusts (REITs)
MOO
an exchanged traded fund that tracks the DAX Global Agribusiness Index.
Galton
Developed first intelligence theory
Binet
Developed first modern intelligence test and coined term IQ
Terman
Revised Binet's IQ test into the Stanford-Binet
Intelligence Quotient
Mental age divided by chronological age x 100
Power Test
Test that has no time limit and includes difficult items that few test takers can answer
Speed Test
Test with a time limit; usually have easy items but too many to answer in time limit
Standardized Test
Test that allows an individual's score to be compared to a norm group
Mental Measurements Yearbook
A source of information about commercially available assessments; provides reviews of tests; has companion called Tests in Print
Army Alpha and Beta
Developed by Robert Yerkes to screen cognitive ability of military recruits; group intelligence test
Validity
Term that refers to whether test measures what it's supposed to measure; depends on test purpose and target population
Content Validity
The extent to which a test adequately samples the domain of information, knowledge, or skill that it purports to measure. Determined primarily by "expert judgement." Most important for achievement and job sample tests.
Criterion Validity
The type of validity that involves determining the relationship (correlation) between the predictor and the criterion. Criterion-related validty can either be concurrent or predictive.
Concurrent Validity
Type of criterion-related validty that involves administering the predictor and criterion at about the same time. It is the appropriate type of validity when a predictor will be used to estimate current status on the predictor.
Predictive Validity
Validity that looks at relationship between test results now and a measure collected in the future; ex. compare depression inventory with hospital admissions 2 years after the assessment
Construct Validity
How well does an instrument measure a theoretical idea or concept (hypothetical trait)? example is a personality inventory
Factor Analysis
Statistical technique to analyze relationship between an instrument's items; ex. are subscales on depression inventory related to each other and concept of depression?
Convergent Validity
A method for establishing a test's construct validity. A test has convergent validity when it correlates highly with measures designed to assess the same or a related construct. A test of verbal reasoning, for exam…
Discriminant Validity
Ex. depression inventory scores are not related to scores from an achievement test
Face Validity
Does an instrument look credible? not a true measure of validity
Validity Coefficient
Correlation between a test score and a criterion measure
Standard Error of Estimate
Expected margin of error in a predicted criterion score due to imperfect validity of test
Sensitivity
Instrument's ability to accurately identify the presence of a phenomenon; ex. depression inventory results show a depressed client has depression symptoms
Specificity
Instrument's ability to accurately identify the absence of a phenomenon; ex. depression inventory results show a non-depressed client does not have depression symptoms
False Positive Error
Instrument inaccurately identifies the presence of a phenomenon; ex. depression inventory results show a non-depressed client has depression symptoms
False Negative Error
Instrument inaccurately identifies absence of a phenomenon; ex. depression inventory results show a depressed client does not have depression symptoms
Incremental Validity
Extent to which an instrument enhances the accuracy of prediction of a specific criterion such as GPA or job performance
Reliability
Consistency of scores by the same person over multiple administrations of the same test
Test-Retest Reliability
Reliability that looks at scores on two different administrations of same test; affected by memory and practice; most accurate for stable characteristics like intelligence
Alternate Form Reliability
Reliability that compares scores from two equivalent forms of the same test; also called parallel form reliability
Internal Consistency
Measures consistency of responses from one test item to the next during one administration
Split-half Reliability
Internal consistency that correlates one half of a test against the other; it's hard to divide most tests into comparable halves and also shorter tests tend to have lower reliability
Spearman-Brown Formula
Used to estimate the impact that shortening or lengthening a test will have on its reliability
Interitem Consistency
Measure of internal consistency that compares item responses with each other and the total test score
Kuder-Richardson Formula
Used to calculate internal consistency when items are dichotomous (yes/no, true/false)
Cronbach's Coefficient Alpha
Used to calculate interitem consistency when items have multipoint responses (multiple choice)
Inter-Scorer Reliability
Degree to which two people give consistent ratings when viewing the same behavior
Reliability Coefficient
Correlation that expresses a test's reliability; the closer to 1.0 the better; also called Pearson r; range is -1 to +1
Standard Error of Measurement
Standard deviation of a persons' repeated test scores; inversely related to reliability (ex. reliability = 1.0, SEM = 0); helps you figure out what will probably happen if the subject takes the same test again
Yes
Can test scores be reliable but not valid?
No
Can test scores be valid but not reliable?
Item Analysis
Statistically examining people's item responses to assess the quality of the test
Item Difficulty
% of test takers who answer an item correctly; it's a p value between 0 and 1 with a high value meaning an easier item; .5 is ideal
Item Discrimination
Degree to which a test item differentiates test-takers; ex. does item on depression inventory get a different answer from depressed people versus non-depressed people?
Classical Test Theory
Theory that says score = true score + error
Item Response Theory
Theory that uses mathematical models to detect item bias or equate scores from two different tests
Nominal
Scale that classifies or label, has no zero point, and doesn't indicate order; ex. gender
Ordinal
Scale that shows rank order but intervals between numbers aren't equal; ex. places in a horse race
Interval
Scale that has numbers at equal distances but no absolute zero; ex. Fahrenheit
Ratio
An interval scale with a true zero point; ex. height, weight
Semantic Differential
Scale that asks test takers to place a mark between two dichotomous adjectives; also called self-anchored scale
Thurstone Scale
Scale that measure multiple dimensions of an attitude by asking test takers to agree/disagree with a series of statements
Guttman Scale
Scale that measures the intensity of a variable in progressive order; ex. would you permit gay students to live on campus? would you have a gay roommate?
Derived Score
Converted raw score that gives meaning by comparing to a norm group
Asymptotic
Characteristic of normal curve where tail approaches horizontal axis without ever touching it
Criterion Referenced Assessment
Assessment that compares a person's score to a pre-determined standard; ex. NCE, drivers license test
Percentage Score
Raw score (number correct) divided by total number of items; not same as percentile; ex. you got half the questions correct
Standardized Score
Score that allows comparison between an individual and a norm group; examples are z-scores and T scores
Z Score
Standard score that represents the number of standard deviations above or below the mean at which a given score falls; subtract sample mean from raw score and divide by sample SD
T Score
Standard score with an adjusted mean of 50 and a SD of 10; T = 10(z) + 50
Deviation IQ Score
Standard score that is often simply called a standard score and is used in IQ testing; have a mean of 100 and a SD of 15; SS = 15(z) + 100
Stanine
Standard score used on achievement tests that divides the normal curve into 9 intervals; each score represents a range of z-scores and percentiles; stanine = 2(z) + 5; only expressed in whole numbers
Normal Curve Equivalent
Standard score used by schools to measure student achievement; mean of 50 and SD of 21.06; range from 1 to 99; NCE = 21.06(z) + 50
Age Equivalent Scores
Developmental score that compares an individual's score with the average score of those of the same age; reported in years and months
Grade Equivalent Scores
Developmental score that compares an individual's score with the average score of those in the same grade; reported as a decimal
Achievement Test
Test that measures what you've already learned
Aptitude Test
Test that measures what you're capable of learning
Response Bias
Test taker uses a response set (ex. all yes answers) to answer test questions
Test Adaptation
Changing a test for a different population; more than just translating the language
Nomothetic
Test that assesses variables people share
Idiographic
Test that assesses unique variables (ex. card sort)
Long
Which test is more reliable - long or short?
(Raw score - sample mean)/sample SD
What is the formula for a z score?
10(z) + 50
What is the formula for a T score?
15(z) + 100
What is the formula for a deviation IQ score?
2(z) + 5
What is the formula for a stanine?
21.06(z) + 50
What is the formula for a normal curve equivalent (NCE)?
Horizontal
Would a test battery be considered a horizontal or vertical test?
Coefficient of Determination
Correlation between two administrations of a test (test-retest) is .7 - the true variance is 49% - what principle does this illustrate?
Guilford
Who came up with the idea of convergent and divergent thinking?
WPPSI
Which intelligence test is for kids ages 2 to 7?
WAIS
Which intelligence test is for adults ages 16+
WISC
Which intelligence test is for kids ages 6 to 16?
Cattell
The 16 PF personality test is based on the work of which person who came up the idea of fluid vs. crystallized intelligence?
1
If all 50 people who took a test got question #1 correct, what would its item difficulty be?
68
On an IQ test, what percent of scores fall between 85 and 115?
3
For a normal distribution, almost all scores fall within how many standard deviations of the mean?
95
In a normal distribution, what percent of scores fall within two standard deviations of the mean?
Aptitude
The GRE, OLSAT, and WAIS are all examples of what kind of test?
L Score
Which score on the MMPI indicates the truth of the test taker's answers?
K Score
Which score on the MMPI indicates the test taker's attitudes (faking good vs. faking bad)?
High Stakes Testing
Testing where there is a clear line between those who pass and fail, results have a direct consequence, and a single assessment is the determine factor for decision making
Barnum Effect
People's tendency to agree with results of their personality test results; also called Forer Effect
Positive
What is the ideal item discrimination? Positive, negative, or zero?
Bayley Scales
Assesses infant development for kids 1 to 42 months old
Bender Gestalt
Assesses visual perception; test taker has to copy different geometric figures
California Psychological Inventory
Personality test for non-pathological people
CTONI
Language-free test of intelligence that consists of abstract symbols
Draw A Person
Projective test where person is asked to draw a human figure - nonverbal measure of intelligence or projective personality test
MMPI
Minnesota Multiphasic Personality Inventory -Objective personality test that can be used to identify DSM psychopathology
16PF
Personality test for non-pathological people based on work of Cattell
TAT
Thematic Apperception Test -Projective personality test where person is shown a vague picture and asked to create a story about it
Peabody
Test used to screen for learning disabilities
Wide Range Achievement Test
Measures basic reading, spelling, and math skills
Vineland
Test that measures sufficiency skills and adaptive behavior
Standardized tests
have uniform procedures for scoring and administration. In addition, these instruments have validity and reliability and norm data which has been investigated and analyzed.
Mental measurements yearbook and Tests in print
from the Buros institute - provide counselors with information on thousands of tests. Online versions are now available. Approximately 2500 of the tests have been critically analyzed by Buros.
Raw
A score is called this if it unaltered. These scores can be converted to standard scores (e.g., t scores, z scores, percentile rank, standard deviation or stanine) so that the scores relate to the normal bell curve.
Range
is the highest score minus the lowest score (some exams will add 1 to the answer). e.g., 24, 46, 3, 26, 47. 47 - 24 = 23 + 1 = 24
Percentile rank
tells the counselor the percent of scores equal to or below the score you are investigating. Hence, a client who is at the 75th percentile scored equal to or better than 75%of the people…
arithmetic average
Mean (measure of central tendency)
Mode (measure of central tendency)
the most frequently occurring score or category
Median (measure of central tendency)
middle score when the data are ranked from highest to lowest
Normal curve
In a _______, the mode, median, and mean all have the same point in the center of the bell shape
Skewed
when a curve leans
Negatively skewed
if the tail points to the left the curve is _______
Positively skewed
If the tail points to the right, the curve is _______
Standard deviation (SD)
the measurement of variability or dispersion of scores. essentially the mean of all the deviations
true
A SD of 1 is a z-score or standard score of one
70, 20
T scores have a mean of 50 and the standard deviation is 10. What is a T score when the standard deviation is 2? What is a T score for a standard deviation of -3?
empirical 68-95-99.7 normal curve rule
68% of the scores will fall between …
valid
A reliable test is not always valid, but a _______ test is always reliable
Interrater reliability
A measure of the degree of consistency of scores for two or more raters. Inter-rater reliability is of interest for subjectively scored tests. Can be measured by either a correlation coefficient or by percent agreement.
Normed
A test that is only _______ on the majority culture is not appropriate for cultural minorities since it is misleading and could cause discrimination
Tests
can give a false positive or a false negative
Aptitude tests
predict potential. For example, a high score on an _______ for music doesn't imply that you are a great musician but that with the correct training and practice you could excel in this area
Intelligence tests or IQ tests (such as the Wechsler or Binet)
attempt to measure mental abilities. These tests are very controversial and have been a source of debate for counselors
Power tests
Time (slow performance) is not a factor like it is in so called speed tests
Regression to the mean
states that if a client scores exceptionally low or exceptionally high on a test, then the client with the low score will go up on the next administration; while the client with the high s…
Variance
the square of the standard deviation, i.e., SD(2)
Normal curve (bell-shaped curve)
distributes the scores (individuals) into 6 equal parts--3 above the mean and three below the mean. Be familiar with the distribution of scores within the normal curve:
Z-score
a measure of how many standard deviations you are away from the norm (average or mean). The mean is 0; the standard deviation is 1.0. The range for the standard deviation is -3.0 to …
Correlation coefficient
Ranges from -1.00 (a perfect negative correlation) to 1.00 (a perfect positive correlation). This is a statistical index which shows the relationship between two sets of numbers. When a very strong correlation exists, if…
Bivariate
A correlation between two variables
cause, effect
The correlation coefficient tells you nothing about _______ and _______, only the degree of relationship
Standard Error of Measurement (SEM)
An index of measurement error. Used to construct a confidence interval around an examinee's obtainted test score. It's magnitude depends on two factors: the test's standard deviation and reliability coefficient.
Norm referenced
assessment comparing individuals to others who have taken the test before. May be national, state, or local. How you compare with others is more important than what you know.
Criterion reference
assessment comparing an individual's performance to some predetermined criterion which has been established as important; sometimes called domain referenced. The NCE cut-off score is an example.
Ipsatively interpreted
assessment comparing the results on the test within the individual. For example, looking at an individual's highs and lows on an aptitude battery which measures several aptitudes. There is no comparison with others.
Sociometry
can be used to identify isolates, rejectees or stars (popular individuals). You can measure the structure and organization of social groups which could be a classroom of fourth graders who have been together f…
Sociogram
a figure or map showing the structure of the group.
Buros mental Measurements Yearbook
contains critical reviews of tests and it lists published references of tests. The 16th edition was published in 2005
Tests in Print VIII
2006 - has information on more than 4,000 tests
A Counselor's Guide to Career Assessment Instruments (4th ed.)
Kapes, Whitfield, (2002), was published by the National Career Development Association
Association for Assessment in Counseling and Education
one of the 18 divisions of the American Counseling Association.
psychological test
a systematic procedure for obtaining samples of behavior, relevant to cognitive or affective functioning, and for scoring and evaluating those samples according to standards.
standardization
"Often described as standardized for 2 reasons
a. uniformity of procedures in all important aspects of administering, scoring, and interpretation
...
b.use of standards to evaluate the test results keep in mind who is represented in the standardization sample"
What is the difference between ability and personality tests
Ability tests : tests that sample knowledge, skills, or cognitive functions. All others are personality tests
psychometrics
field of psychological measurement
scale
a group of items that pertain to a single variable and are arranged in order of difficulty or intensity.
scaling
The process of arriving at the sequencing of the items
Battery
group of several tests, or subtests, that are administered at one time to one person.
eugenics
Francis Galton originated theory that aimed at improving the human race through selective breeding of its ablest specimens.
decision making tests
making decisions about people either as individuals or as groups
psychological research tests
research on psychological phenomena and idividual differences
Psychological assessment
a flexible, not standardized, process, aimed at reaching a defesible determination concerning one or more psychological issues or questions, through the collection, evauluation, and analysis of dataa appropriate to the purpose at hand
Published tests
commecially available throu test publishers
unpublished tests
obtained from the individual investigator who develpoed them, from special directories of unpublished measures or from the periodical lierature
Standards for Educational and Psychological Testing
The single most important source of criteria for evaluating tests, testing practices, and the effects of test use can be found in the:
China, B.C.E.
The earliest antecedents of modern testing for personnel selection date back to:
Alfred Binet
Credit for devising the first successful psychological test in the modern era is usually given to
The true ratio IQ or intelligent quotient was derived by
dividing the MA by the CA and multiplying the result by 100
decision making
The primary purpose for which psychological tests are currently used is
PsycINFO
Which is the best source of information on a test that is not commercially available
Measurement
the use of certain devices or rules for assigning numbers to objects or events
Francis Galton
English biologist - initiated testing in Europe - pioneered the application of the rating-scale and questionnaire methods and free association techniques
James Cattell
first to use the term mental test in an article in 1890
Ebbinghaus
Administered tests of arithmetic computation, memory span, and sentence completion
Binet-Simon scales
Binet and the rise of intelligence tests
1905 binet simon scale
30 problems arranges in ascending level of difficulty
1908 B-S scale
Number of tests were increased, unsatisfactory tests deleted
nominal scales
numbers are used solely as labels to identify an individual or a class ex social security numbers
categorical data
data related to variables such as gender, political affiliations, color, and so forth
identity
all members of a category must be assigned the same number and that no two categories may share the same number
ordinal scales
in addition to identity there is the property of rank order
rank order
elements in a set can be lined up in a series from - lowest to highest or vice versa-arranged on the basis of a single variable, such as birth order or level of academic performance within a graduating class
percentile rank scores (percentiles)
how rank ordered tests scores are reported not to be confused with the percentage scores used in school grading - the main vehicle where test users convey normative information derived from tests
percentile scores
ordinal numbers set on a scale of 100 (70 equals a level of performance that is equal or greater to 70% of the people in question)
Interval scales
identity, rank order, and the difference between any two consecutive numbers reflects an equal empirical or demonstrable difference between the objects or events that the numbers represent.
ratio scales
numbers achieve the property of additivity and the result expressed as a ratio all with meaningful results. They have a true or absolute zero point that stands for "none of" whatever is being measured. eg times distances weights volumes
statistics
branch of mathematics dedicated to organizing, depicting, summarizing, analyzing, and dealing with numerical data.
parameters
measures derived from populations, mathematically exact numbers such as pi
frequency distribution
the organized raw data list of the number of times or frequencies with which each score occurred and the percentage of times that it occurred
what is difference between parrallel and equivalent retests
if we have parallell the standard deviation and the mean will be the same
the basic rationale of testing
the test score should help predict how the client will feel and act outside of the clinic, how students will achieve in school - should be predictive
error variance
anything that alters the test situation (noise, A/C)
What information does an interest inventory not give the test user and the test taker
An interest inventory will show what the test taker has an interest in, however it will not show whether or not the test taker has the ability to perform to such tasks/ interest
examples of when tests are used for decision making
When determining who gets a job or a promotion, admittance into a program, to classify and diagnose people
steps involved in conducting an assessment with a test taker
appropriate selection of an instrument, careful administration of assessment, scoring, interpretation, and judicious use of date collected to make inferences about the question at hand
o Systematic procedures
good tests have 3 defining characteristics
Arthur Otis
had prepared a test to be given in groups and turned it over to the army. Major contribution of his test was the introduction of multiple-choice and other 'objective' item types.
Army Alpha and the Army Beta
group tests were given to help determin acceptance and placement into the military during WWI
Army Beta
Beta was a non language scale used for illiterate or immigrant recruits with limited English skills.
first achievement batteries - first edition of Stanford Achievement test 1923
provided comparable measures of performance in different school subjects evaluated in terms of single normative group
Derived scores are expressed in 2 ways
Developmental level attained such as Mental age, grade equivalents, age equivalents,
how to tabulate a frequency distribution
Group all scores into intervals
histogram - (bar graph) discrete presentation
two types of graphic representations of a frequency distribution
Mean or average
(m for sample, and μ for populations)
square root the variance
to find the standard deviation
1 standard deviation
68% - plus or minus 1
2 standard deviations
95% - plus or minus 1.96
3 standard deviation
99% - plus or minus 2.58
standard normal deviation
when the normal curve has a mean of zero and a standard deviation of 1
properties of the normal curve
it is bell shaped, bilaterally symmetrical, its limits extend to infinity, unimodal, mean median and mode that coincide at the center of distribution.
unimodal
single point of maximum frequency or maximum height
normalizing scores
involves transforming them so that they have the same meaning, in terms of their position, as ifthey came from a normal distribution.
sampling distribution
hypothetical, as opposed to real, distributions of values predicated on the assumption that an infinite number of samples of a given size could be drawn from a population.
kurtosis
the amount of dispersion in a distribution
platykurtic distributions
greatest amount of dipersion, manifested in tails that are more extended
leptokurtic distributions
have the least amount of dispersion
mesokurtic distribution
an intermediate degree of dispersion..which the normal distribution is
skewness
lack of symmetry
correlation coefficients
indexes of the extent that two or more variables are related to each other anywhere from -1.00 to +1.00
no correlation
data points do not align themselves into any definite pattern or trend and we can assume that the two sets of data do not share a common source of variance
correlation
the extent to which variables are related
Pearson product moment correlation coefficient
formula for computing the correlation coefficient of bivariate data from a sample
multiple correlation coefficient
used when a single dependent variable (y) is correlated with two or more combindied predicators ( X1, X2,....)
Ratio scale
Which scale of measurement is the only one that has a meaningful zero point?
False
Tom and Jerry scored at the 60th and 65th percentiles, respectively, on a language skills test. Mary and Martha scored at the 90th and 95th percentiles, respectively on the same test. We can conclude …
The 10 Year old would obtain a higher ratio IQ
On a test of general cognitive ability, a 5 year old child obtains a mental age score of 4 years and a 10 year old child obtains a mental age score of 9 years…
4, 3, 2
In the distribution 2,2,2,2,3,3,3,8,11, the mean, median, and mode are respectively
the square root of the variance
For testing and many other purposes, the quintessential index of the variability in a distribution of scores is the
68%
The area of a normal distribution between +1 and -1 standard deviation encompasses approximately _______ of the curve
Either too easy or too hard.
If the shape of the distribution of scores obtained from a test is significantly skewed, it means that the test is probably_______for the test takers in question.
reduced
If the range of values of either one of two variables that are correlated using the Pearson product-moment coefficient of correlation (pearson r) is restricted, the size of the obtained coefficient will be
raw score
a number (x) that summarizes or captures some aspect of a person's performance in behavior samples that make up psychological tests.
norm-referenced test interpretation
uses standards based on the performance of specific groups of people to provide information for interpreting scores.
norms
the test performance or typical behavior of one or more reference groups
normative/standardization samples
when norms are collected from the test performance of the group or groups in question
criterion-referenced interpretation
makes use of procedures, such as sampling from content domains or work-related behaviors, designed to assess whether and to what extent the desired levels of mastery or performance criteria have been met.
within-group norms
provide a way of evaluating a person's performance in comparison to the performance of one or more appropriate reference groups.
percentile score
indicates the relative position of an individual test taker compared to a reference group - it represents the percentage of persons in the reference group who scored at or below a given raw score
meaningless
If not accompanied by further information a high raw score is
Natural sequences
Of all the following developmental norms, which ones are the most universally applicable?
representative of the group for which they will be used
With regard to the samples used to establish within-group norms, the single most important requirement is that they should be
test difficulty
The concepts of test ceiling and test floor are most closely related to the issue of
85
When transformed into the Wechsler-scale type of deviation IQs a zscore of -1.00 would become a Wechsler IQ of
z scores to T scores
Which of the following score transformation procedures is the only one that qualifies as a linear transformation
higher on the WAIS than on the WAIS-III
If a group of present-day individuals were to take both the original Wechsler Adult Intelligence Scale (WAIS) and its latest revision, the WAIS-III, chances are that their IQ scores would be
items and persons
The essential characteristic of item response theory models is that they place _______ on a common scale
a hypothetical entity
A true score is
Deviations from standardized procedures
Which of the following sources of error in test scores is not assessed by traditional estimates of reliability?
test-retest
_______ reliability coefficients are used to estimate time sampling error in test scores
Delayed alternate form
Which of the following types of reliability coefficients results in a combined estimate of error stemming from two different sources?
More reliable than
All other things being equal, scores obtained from longer tests are _______ those obtained from comparable tests that are shorter
heterogeneity/size
The magnitude of a reliability coefficient is more likely to be affected by the _______ than by the _______ of the sample for which it is computed.
allows for the evaluation of interaction effects
One of the distinct advantages of generalizability theory over traditional approaches to score reliability is that generalizability theory
106 and 114
Suppose that a student obtains a score of 110 on a test with M = 100, SD = 20, and an estimated reliability of .96. Chances are 68 out of 100 that the student's true score falls somewhere between
greater than 8
The standard error of measurement of Test A is 5 and the standard error of measurement of Test B is 8. The standard error of the difference for comparing scores from the two tests will be
Achievement Tests
Tests designed to assess an examinee's current level of skill in or knowledge of a particular content or behavior domain. Usually considered a measurement of previous learning in a specific situation but may also assess innate capacity.
Apptitude Tests
Tests that assess an examinee's potential for learning a specific skill or performing a particular task. Although usually considered measures of innate capacity, may also reflect previous learning.
Alternate Forms Reliability
Method for estimating a test's reliability that entails administering two forms fo the test to the same group of examinees and correlating the two sets of scores. Forms can be administered at about the …
Confidence Interval
The range of values that, with a given probability (e.g.68%, 95%), indicates the "true" value of interest; i.e., the range within which an individual's true score is likely to fall. A confidence interval is calcul…
Deviation IQ
A standard score on an intelligence test that has a mean of 100 and a fixed stnadard deviation (15 for the Stanford Binet and Wechsler Tests). An advantage of the deviation IQ (over the r…
MMPI (Minnesota Multiphasic Personality Inventory
Widely used self report personality test that reports and examinee's performance in terms of ten clinical scales and four validity scales. Although originally intended as a tool for deriving psychiatric diagnoses, it is more comm…
Objective Test
A test that has clear and unambiguous scoring criteria. Multiple choice and true/ false are objective tests.
Subjective Test
A test that is scored according to subjective (nonobjective) standards: i.e. that is dependent to some degree on the scorer's judgment.