Selection of students for admission to medical school: A two-class decision approach.
The validity coefficient alone does not communicate sufficient information to estimate the errors in decisions to accept or reject candidates. By means of probability theory, it is demonstrated how information concerning errors in decisions may be estimated. With estimates of the frequencies of correct and incorrect decisions and the costs of such decisions, a utility index was defined, for which a minimum was sought as a function of the entrance requirement. Under the analytic criterion defined for utility, it was possible to determine for a number of cost systems the entrance score which would, in the long run, reduce losses to a minimum. The application of the model is illustrated using empirical data and hypothetical cost systems. For these data entrance requirements were determined according to the criterion in addition to selection ratios and probabilities of success.
D001077:Aptitude Tests; D002170:Canada; D004501:Education, Medical