Which of the Following Is the Desired Outcome of an ANOVA

question 38

Multiple Choice

Which of the following is the desired outcome of an ANOVA?

• A)Our group variances are significantly different.
• B)Our group variances are approximately equal.
• C)Our group means are significantly different.
• D)Our means are approximately equal.

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Definitions:

Standard Labor Hours

A measurement in accounting for the amount of time workers are expected to spend on tasks, typically used to plan or assess productivity.

Direct Materials Price Variance

The difference between the actual cost of direct materials purchased and the expected (standard) cost multiplied by the actual quantity purchased.

Standard Costs

Standard costs are the estimated costs associated with the production of goods or services, used as target costs to aid in budgeting and performance evaluation.

Actual Costs

The real costs that a company incurs for producing or acquiring goods or services.