Computes the proportional reduction in the standard error of prediction:
1 - sqrt(1 - validity^2).
Usage
forecasting_efficiency(validity)
Arguments
- validity
Predictor-criterion validity coefficient.
Value
Numeric vector with forecasting efficiency values.
References
Holling, H. (1998). Utility analysis of personnel selection: An overview and
empirical study based on objective performance measures. Methods of
Psychological Research Online, 3(1), 5-24.
Examples
# Literature: Holling (1998).
forecasting_efficiency(.30)
#> [1] 0.0460608
