STATISTICAL TECHNIQUES AND TOOLS
ANALYSIS OF VARIANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Analysis of value
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Analysis of variance
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Assessment of variability
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Assessment of vulnerability
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Detailed explanation-1: -Analysis of Variance (ANOVA) is a statistical formula used to compare variances across the means (or average) of different groups. A range of scenarios use it to determine if there is any difference between the means of different groups.
Detailed explanation-2: -ANOVA provides an analytical study for testing the differences among group means and thus generalizes the t-test beyond two means. ANOVA uses F-tests to statistically test the equality of means. Variance is an important tool in the sciences including statistical science.
Detailed explanation-3: -ANOVA is based on the law of total variance, where the observed variance in a particular variable is partitioned into components attributable to different sources of variation.