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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
There are situations where none of the three averages is fully satisfactory. For example, if the number of items in a series is very small, none of these av
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For the following claim, find the null and alternative hypotheses, test statistic, P-value, critical value and draw a conclusion. Assume that a simple random sample has been selec
how to write result in the end of price index number problem
HOW WOULD YOU INTERPRET THIS PROBABILITY:P(a)=1.05
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Assume that a simple random sample has been selected from a normally distribute population and test the given claim. Identify the null and alternative hypotheses, test statistic,
#quesgraphical representation of data
Primary and Secondary Data: Primary Data: These data are those are collected for the first time. Thus primary data are original in character and gathered by actual observat
If the economy does well, the investor's wealth is 2 and if the economy does poorly the investor's wealth is 1. Both outcomes are equally likely. The investor is offered to invest
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