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In conclusion:

III. Remember: in the factor-based formalisms, factors should cancel out!

(

)

(

)

(

)

(

)

(

)

(

)

(

)

(

)

(

)

(

)

cond. a

cond. d

cond. c

cond. b

cond. a

calibration

calibration

cond. d

cond. c

cond. b

D

D

M D

M D

M D

M

D

M

M

D

M D

M D

M D

M

calibration value

factor d

factor c

factor b

factor a

144424443

144424443 1442443 1442443 1442443

IV. The error in factor-based models is proportional to the number of factors:

(

)

a b

n

D

f f

f D calibration M

M

≡ ⋅

⋅ ⋅ ⋅

...

a

b

a

b

f

f

D

D f

f

∆ ∆

≤ + +

V. The number of measurements can be reduced by modelling some of the factors

(e.g non physical wedge factor)