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Covariance or correlation
¥PCs and their variances may be found by calculating eigenvectors and eigenvectors of either (a) a covariance matrix or (b) a correlation matrix
(a)Corresponds to successively maximising variances of linear combinations of the raw variables
(b)Corresponds to standardising each variable to have unit variance before the successive maximisation
¥NOTE: there is no simple relationship between the PCs found from the two types of matrix