The default risk, one of the main risk factors for bonds, should be measured and reflected in the bond yield. Particularly, in the case of financial companies that treat bonds as a major product, failure to properly identify and filter customers' workout status adversely affects returns. This study proposes a two-stage classification algorithm for…

We have maintained the customer grade system that is being implemented to customers with excellent performance through customer segmentation for years. Currently, financial institutions that operate the customer grade system provide similar services based on the score calculation criteria, but the score calculation criteria vary from the financial…

The four-parameter logistic (4PL) Item Response Theory (IRT) model has recently been reconsidered in the literature due to the advances in the statistical modeling software and the recent developments in the estimation of the 4PL IRT model parameters. The current simulation study evaluated the performance of expectation-maximization (EM),…

As an alternative to Cronbach's [alpha] for estimating scale reliability, McDonald's [omega] has attracted increased attention within the methodological community for its less stringent measurement assumptions. Notwithstanding, [omega] is still seldom used by practitioners, likely due to its unavailability in popular software packages (e.g., SPSS)…

The "extended Rasch modeling" (eRm) package in R provides users with a comprehensive set of tools for Rasch modeling for scale evaluation and general modeling. We provide a brief introduction to Rasch modeling followed by a review of literature that utilizes the eRm package. Then, the key features of the eRm package for scale evaluation…

Data simulation and Monte Carlo simulation studies are important skills for researchers and practitioners of educational and psychological measurement, but there are few resources on the topic specific to item response theory. Even fewer resources exist on the statistical software techniques to implement simulation studies. This article presents…

Interest in Bayesian analysis of item response theory (IRT) models has grown tremendously due to the appeal of the paradigm among psychometricians, advantages of these methods when analyzing complex models, and availability of general-purpose software. Possible models include models which reflect multidimensionality due to designed test structure,…