Description

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