While math teachers and statistics professors may bar you from using the handy TI-84 calculator on tests and quizzes, you're way past that now. When you're making financial decisions for your business, this tool can come in handy. With just a few buttons, you can make complicated calculations to make sure you're on the right track. One example of this is with the one-way ANOVA test.

What Is the One-Way ANOVA Test? 

ANOVA stands for "Analysis Of Variance," which is a statistical method that Ronald Fisher discovered in 1918. There are several different ways to implement this statistical analysis, including the one-way test. This test uses just one independent variable.

The One-Way ANOVA test allows you to analyze two groups and one independent variable to see if a relationship exists between the groups. It is meant to be a thought experiment that allows you to determine the right path for your business. For example, a manufacturer might try to decide between two different creation methods with one major distinction. Instead of guessing which would net more money, the One-Way ANOVA test can determine the most efficient method.

What Is the TI-84? 

Although cell phones, televisions and other technology have changed a lot in the past decade or so, the TI-84 calculator has stayed basically the same. While the look and functions haven't changed, it remains as relevant today as it was when Texas Instruments released it in 2004. As a business professional, you can use this smart machine to easily make important calculations.

Typically, you can purchase this calculator for between $90 and $120 online and in stores. While that may seem like a big price tag for something like a calculator, it's important to note that the TI-84 does much more than the basic calculator app on your phone. With this machine, you can plot graphs, do statistical analysis and easily conduct the ANOVA test. It is also available as a downloadable app for your smartphone.

How to Do the Calculation

If you're ready to calculate some data and make some decisions, get out your trusty TI-84 and complete the following steps. First, open the data table. To do this, press the button that says "Stat edit." At this point, you can enter the data from your tests. Once all the numbers are in place on the table, press "Stats" and then "Tests." A menu will pop up with several different test options. Choose ANOVA.

Take the lists that you put in with the first step and enter them here. It should appear as "ANOVA(L1, L2)." Once that is in place, press "Enter." It's as simple as that.