I could personally use the ANOVA to study and compare my budget and expenses. When gathering data I would look into the previous year’s expenses, budget and net income. I would want to see if there are any ways to improve the budget and see what areas I may be able to cut spending to meet or improve the budget. If I am able to compare different expenses, I may be able to disperse available funds to other areas in need of improvement such as landscaping and advertising. Right now my landscaping budget was cut down to increase the advertising budget this summer. One of the variables that I have seen that has affected my business was local construction, so it was important to find funds to increase the advertising to reach the customers; giving them more incentives to fight the construction traffic and come do business with me.
Some of the assumptions when using and ANOVA or other nonparametric test are:
• The errors are independent of each other.
• The errors are random.
• The population(s) is distributed normally.
• Variances should be the same for each... [continues]
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