What is a Variance Analysis?

Variance Analysis, also referred to as analysis of variance or ANOVA, is a term meant to describe a collection of models and statistics, as well as the results and conclusions drawn from them on the topic of the variations in certain groups and areas. These systems are usually conducted for the purposes of the financial industry or elements of an industry, in which market trends are explained and an attempt at predictions is made, or the academic world, in which research is the main cause of the use of this system.