Analysis of variance or ANOVA is a widely used procedure to analyze more than two treatment means, such as testing three therapeutic compounds or three stock indices, etc. When more than two methods compared,
Analysis of variance or ANOVA is a widely used procedure to analyze more than two treatment means, such as testing three therapeutic compounds or three stock indices, etc. When more than two methods compared, T-test becomes ineffective as it increases the chance of Type I error in pair-wise comparisons. Therefore, ANOVA is a viable alternative and widely used across several disciplines. It’s a two-part test, in which means first compared and if there exists a significant difference among them; then a posthoc test is performed using multiple comparisons to differentiate the means further
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