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Analysis of variance allows us to test whether the differences among more than two sample means are significant or not. This technique overcomes the drawback of the method used in statistical inferences, which allows us to test the significance among the means drawn from two populations only. Since managers are required to test the significance of the differences among the means and variances drawn from more than two populations, the importance of this technique cannot be underestimated. Therefore it is natural that this technique plays an important role in the day-to-day decision making. We do observe a certain degree of similarity between this technique and the Chi Square test (employed for testing significance of proportions among more than two populations) which we have seen earlier.
A suitable example for ANOVA would be to compare the stipend given to the management graduates belonging to various premier institutes during their summer internship. If we would set up a hypothesis to test the significance of the differences among the means, it would be like
Stratified Sampling Stratified Sampling is generally used when the population is heterogeneous. In this case, the population is first subdivided into several parts (or s
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Coefficient of Variation or C.V. To compare the variability between or more series, coeffiecnt of variation is used, it is relative measure of dispersion, it innovated and used
Active Control Equivalence Studies (ACES) Clinical trials the field in which the object is easy to show that the new treatment is as good as the existing treatment. Such type
Large Sample Test for Proportion A random sample of size n (n > 30) has a sample proportion p of members possessing a certain attribute (success). To test the hypothesis that t
Assume that the normal distribution applies and find the critical z value(s). A = 0.04; H1 is mean ≠ 98.6 degrees Fahrenheit. Dteremine the value of Z. Find the value of the
Let X 1 and X 2 be two independent populations with population means μ 1 and μ 2 respectively. Two samples are taken, one from each population, of sizes n 1 and n 2 re
The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
limitations of time series analysis
types of sampling method
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