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Title: Constructing a composite indicator for education monitoring Authors:  Dovile Stumbriene - Vilnius university (Lithuania) [presenting]
Rimantas Zelvys - Vilnius university (Lithuania)
Audrone Jakaitiene - Vilnius university (Lithuania)
Abstract: The focus is on the construction of a composite indicator for the education monitoring. It is common awareness that socio-economic phenomena are complex and cannot be measured by a single descriptive indicator it should be represented with multiple dimensions. Phenomena such as education can be measured and evaluated by applying methodologies known as composite indicators. Methods are reviewed to create the education monitoring index that apply data treatment and normalization procedures, weighting and aggregation strategy, which assigns weights to the components when combining them and chooses a synthetic function. At the data weighting stage we used factor analysis and data envelopment analysis in order to discuss how the different approaches affect the results. In order to compare the different methodologies, the education monitoring index was calculated for Lithuania, Latvia, Estonia, United Kingdom, Finland and Germany over time using EUROSTAT data. The index was constructed following structural CIPO framework, which describes relationships between Input, Process and Output in education within a certain Context.