Given Below Are the Analysis of Variance Results from a Minitab

question 110

Multiple Choice

Given below are the analysis of variance results from a Minitab display. Assume that you want to use a 0.05 significance
level in testing the null hypothesis that the different samples come from populations with the same mean.
-What can you conclude about the equality of the population means? $$\begin{array} { l r c c c c } \text { Source } & \text { DF } & \text { SS } & \text { MS } & \text { F } & \text { p } \\\text { Factor } & 3 & 30 & 10.00 & 1.6 & 0.264 \\\text { Error } & 8 & 50 & 6.25 & & \\\text { Total } & 11 & 80 & & &\end{array}$$

• A) Accept the null hypothesis since the p-value is less than the significance level.
• B) Accept the null hypothesis since the p-value is greater than the significance level.
• C) Reject the null hypothesis since the p-value is less than the significance level.
• D) Reject the null hypothesis since the p-value is greater than the significance level.

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Definitions:

Avoidable Cost

Costs that can be eliminated if a particular decision is made, such as discontinuing a product or service.

Sunk Cost

A cost that has already been incurred and that cannot be changed by any decision made now or in the future.

Consistency

Refers to the accounting principle that mandates the same accounting methods and procedures to be followed from one financial period to another to ensure comparability of financial statements over time.

Relevant

Pertaining to something that is closely connected or appropriate to the matter at hand, often used in decision-making to determine if information should be considered.