WidgeCorp became the market leader in snack foods after acquiring a rival company, Company W. Their management style and business decision-making differed. Employees at WidgeCorp collected relevant data and through statistical analysis used this information to draw conclusions and make appropriate recommendations. Company W tended to rely on the experience and judgment of its managers. For the time being, both companies are being managed separately, but within the next twelve months they will merge all management, processes, and accounting. You work for Company W and are a little nervous about this new way of working, but realize that you need to be able to present issues and recommendations with statistical verification to the WidgeCorp executives. You will also introduce and employ statistical analysis to the senior management of Company W's various departments such as Marketing, Sales, and Production. Part of your job will be to educate Company W as well.
A member of the management team at Widgecorp asks if an ANOVA test would be useful for any of the statistics you've produced to date. Explain when an ANOVA test is useful. Support your contention with three examples from your experience at other organizations or departments. Where applicable, for each example, indicate what are the treatments and blocking variables. Please research on the Web about Analysis of Variance (ANOVA) and its applications in decision making, and discuss about various types of ANOVA including one-way and two-way ANOVA analysis along with real world examples for applications ANOVA and at least three references. Also, discuss in detail the five steps required to perform the F-Ratio test for ANOVA, and include the necessary assumptions to use ANOVA and to perform F-Test. Then, use the results of your research findings to discuss how ANOVA can help Widge Corp to reach its marketing objectives. In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality and details of your postings.
The solution performs an ANOVA analysis for WidgeCorp.