Abstract
Proper measurement of various client characteristics is an essential component in the financial planning process. In this chapter, we will present an overview of how to go about evaluating the quality of a “test” that one may be using or considering, including the meaning of important underlying concepts and the techniques that form the basis for assessing quality. We will present the reader with the tools for making this evaluation in terms of commonly accepted criteria, as reported in Standards for Educational and Psychological Testing, a document that is produced jointly by the American Educational Research Association (AERA), the National Council on Measurement in Education (NCME), and the American Psychological Association (APA) (American Psychological Association, American Educational Research Association, and the National Council on Measurement in Education (Joint Committee), 1985). Conceptually similar guidelines for test development and usage are published by the International Test Commission (ITC), a multinational association of test developers, users, and the agencies charged with oversight of proper test use (see http://www.intestcom.org/).
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