Relative Welfare Index

In order to understand what a relative welfare index is one must first understand the definitions of an index and welfare index in this context. An index is a list of related data that together forms a dataset able to be used for the determination of averages, correlations, and other aspects of data analytics. A welfare index uses various types of collected data, such as costs of living, health, body weight, neighborhood quality, pollution, or number of vacation days, in order to determine the general quality of life for different parts of a populace. A relative welfare index is a pooled welfare index that combines or aggregates different types of datasets from more than a single welfare index or source, so that the data can ...