Appendix 23Significance Test for the Difference Between Two Standard Deviations
In order to complete each significance test between traditional valuation methods and using real options, two steps were made:
– The first step consists of completing a variance equality test or F-Test on Excel in order to test the significance of a difference between two standard deviations. Two samples with sizes nP and nQ, coming from large populations, have standard respective variances 
and 
Let 
and 
be the respective variances of the two total populations and the accepted principle:
where F corresponds to the Fisher–Snedecor law. Let us test the hypothesis 
Thus:
and, if 
then:
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