Let's review again what PA score is measuring:
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Peer assessment. How the school is regarded by administrators at peer institutions. A school's peer assessment score is determined by surveying the presidents, provosts, and deans of admissions (or equivalent positions) at institutions in the school's category. Each individual was asked to rate peer schools' undergraduate academic programs on a scale from 1 (marginal) to 5 (distinguished). Those individuals who did not know enough about a school to evaluate it fairly were asked to mark "don't know." A school's score is the average score of all the respondents who rated it. Responses of "don't know" counted neither for nor against a school. The survey was conducted in the spring of 2007, and about 51 percent of those surveyed responded.
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PA is rating academic
programs from marginal to distinguished...higher PA score means more distinguished academic
programs. It has nothing to do with student quality and teaching effectiveness. I will say PA score has a high correlation to faculty quality, since it is the faculty, not the students, that bring distinguishment to a program.