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Tuesday, March 18, 2014

Understanding ANOVA by Looking at Your Household Budget

by Arun Kumar, guest blogger

One of the most commonly used statistical methods is ANOVA, short for “Analysis of Variance.” Whether you’re analysing data for Six-Sigma styled quality improvement projects, or perhaps just taking your first statistics course, a good understanding of how this technique works is important.

A lot of concepts are involved in any analysis using ANOVA and its subsequent interpretation. You’re going to have to grapple with terms such as Sources of Variation, Sum of Squares, Mean Squares, Degrees of Freedom, and F-ratio—and you’ll need to understand what statistical...

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