Definition of 'Balanced ANOVA'
A statistical test used to determine whether or not different groups have different means. An ANOVA analysis is typically applied to a set of data in which sample sizes are kept equal for each treatment combination.
Balanced ANOVA tests are often done with computer softwares due to the complexity of mathematical calculations. It does not work well in experiments in which missing or extra observations are present.
Investopedia explains 'Balanced ANOVA'
ANOVA is used to test the differences between means for statistical significance. A one-way ANOVA test checks for significance for one factor only, while a two-way ANOVA test analyzes the effects of two factors simultaneously. Two-way ANOVA tests are the most useful when the replicate examples are equal, or "balanced."