Question

to see if mean daily revenue of 5 stores is same, what test to be used and what data to be collected?

Answer 1

data required revenue of all 5 stores everyday for a certain period of team

calculate mean of daily revenue for each store

to compare these ANOVA test will be used.

ANOVA test : Step 1. Set up hypotheses and determine level of significance H0: μ1 = μ2 = μ3 = μ4 H1: Means are not all equal              α=0.05 Step 2. Select the appropriate test statistic. The test statistic is the F statistic for ANOVA, F=MSB/MSE. Step 3. Set up decision rule. The appropriate critical value can be found in a table of probabilities for the F distribution Step 4. Compute the test statistic. Step 5. conclusion : Accept H0 if F < critical value Reject H0 if F > critical value

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