analysis of variances (ANOVA) definition

analysis of variances (ANOVA)

General: Statistical technique for determining the degree of difference or similarity between two or more groups of data. It is based on the comparison of the average value of a common component.

Accounting: Investigation of causes of difference between actual costs and estimated or standard costs.

Quality control: Methodology employed in determining if the variance between the mean in different sets of observations is greater than what may be attributable to chance.

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