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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
Purposive or Judgement Sampling Under this method of sampling, the choice of selection of sample items from the universe depends exclusively on the judgement of the investi
Variance The term variance was used to describe the square of the standard deviation by R.A.Fisher. The concept of variance is highly important in areas where it is possible to
Q. Find relative maxima and minima? When finding relative maxima and minima in the Chapters absolute extrema problem, don't forget to use the first or second derivative test to
Other Measures of Dispersion In this section, we look at relatively less used measures of dispersion like fractiles, deciles, percentiles, quartiles, interquartile range and f
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Lifts usually have signs indicating their maximum capacity. Consider a sign in a lift that reads "maximum capacity 1400kg or 20 persons". Suppose that the weights of lift-users are
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Classification of Universe The universe may be classified either on the basis of number of units and on the basis of existence of units as is clear from the following chart :
Need statistic assignment help. Need by Monday, 26Th May. Gretl has to be used compulsory.
# I have to make assignment on vital statistics so kindly guide me how to make and get good marks
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