12.5: Key Terms

Business Statistics · LibreTexts

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    Key Terms Definition
    Analysis of Variance also referred to as ANOVA, is a method of testing whether or not the means of three or more populations are equal. The method is applicable if:
    • all populations of interest are normally distributed.
    • the populations have equal standard deviations.
    • samples (not necessarily of the same size) are randomly and independently selected from each population.
    • there is one independent variable and one dependent variable.

    The test statistic for analysis of variance is the F-ratio.
    One-Way ANOVA a method of testing whether or not the means of three or more populations are equal; the method is applicable if:
    • all populations of interest are normally distributed.
    • the populations have equal standard deviations.
    • samples (not necessarily of the same size) are randomly and independently selected from each population.

    The test statistic for analysis of variance is the F-ratio.
    Variance mean of the squared deviations from the mean; the square of the standard deviation. For a set of data, a deviation can be represented as \(x-\bar{x}\) where \(x\) is a value of the data and \(\bar{x}\) is the sample mean. The sample variance is equal to the sum of the squares of the deviations divided by the difference of the sample size and one.

    12.5: Key Terms is shared under a not declared license and was authored, remixed, and/or curated by LibreTexts.