Student Preferences for Major Banks Survey Using ANOVA: Single Factor
Author: Nikhil Vinchurkar*
1 F2 2024-26 – 021330124025, ITM Business School, Kharghar, Maharashtra, India
* Corresponding Author E-mail: 2024.nikhily@isu.ac.in
Introduction:
This report looks at how students at ITM Business School view four major banks: HDFC, ICICI, SBI, and BOB. We want to understand their opinions by analyzing the rankings they gave to these banks, from 1 (lowest) to 10 (highest). Using a method called ANOVA: Single Factor, we will check if there is a big difference in how students rated each bank. This will help us see which banks students prefer and how they feel about them.
Objective:
To find out if there are significant differences in the preferences (rankings) of ITM students for the banks HDFC, ICICI, SBI, and BOB.
Data Collection:
Students of ITM Business School were surveyed. Each student rated four Banks i.e. HDFC, ICICI, BOB and SBI on a scale of 1 to 10, were 1 indicates low preference and 10 indicates high preference. The ratings for each Bank were recorded for analysis.
Data Analysis:
The ANOVA: Single Factor test was performed to compare the means of the ratings across the four Banks.
The hypotheses for the test are:
Null Hypothesis (H0): There is no significant difference in the average ratings of HDFC, ICICI, BOB and SBI banks
Alternate Hypothesis (H1): At least one of the Banks has a significantly different average rating.
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Anova: Single Factor |
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SUMMARY |
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|
Groups |
Count |
Sum |
Average |
Variance |
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|
HDFC |
25 |
130 |
5.2 |
9 |
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|
ICICI |
25 |
128 |
5.12 |
5.11 |
||
|
SBI |
25 |
149 |
5.96 |
5.956666667 |
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|
BOB |
25 |
140 |
5.6 |
9.75 |
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|
ANOVA |
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|
Source of Variation |
SS |
df |
MS |
F |
P-value |
F crit |
|
Between Groups |
11.31 |
3 |
3.77 |
0.505757406 |
0.67922635 |
2.699392598 |
|
Within Groups |
715.6 |
96 |
7.454166667 |
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|
Total |
726.91 |
99 |
Since the P-value (0.67922635) is higher than the standard significance level of 0.05, we accept the null hypothesis.
Conclusion:
There is no significant difference in the average ratings of HDFC, ICICI, BOB and SBI banks