Discussion:
Q1. Can you think of an example where the analysis of variance (ANOVA) can be used? How is ANOVA being used in the workplace, or how should it be used?
Q2. Analysis of variance (ANOVA) is used to determine if there is a difference between the means of different populations. This is an example from a student in Prescott Arizona.A company was trying to sell her the feed they produced by aiming that if her hens ate their feed, the hens would produce more eggs. They offered her a study to read in which they demonstrated that their feed was the best. To support this, they conducted an experiment in which they fed four different types of food, including their own, to groups of hens. They wanted to show that on average hens that ate their food produced more eggs. They used analysis of variance. Can you think of a business-related example in the financial industry? can you think of any specifically related to operations management?
Q3. What are the differences between one-way and two-way ANOVA?
Q4. What are examples in which non-parametric tests are used to analyze business related problems in general, and more specifically, problems related to marketing?
Q5. How should surveys be constructed to facilitate collecting data to perform non-parametric tests?