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Output from an Analysis of Variance to solve a Business Problem

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How would you apply the output from an Analysis of Variance (ANOVA) to solve a business problem? Please provide an example to show your reasoning.

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Solution Summary

321 words explain how ANOVA results can be useful in a business application.

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ANOVA hypothesis testing is a very effective tool that is used in almost all business applications these days to predict with a reasonable level of confidence whether a particular assertion will come out to be true or not. The assertion usually goes into the alternative hypothesis, and the negation of the alternative hypothesis becomes the null hypothesis. A carefully selected test statistic is then used to make predictions about the entire population, ...

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