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This lecture covers the concept of Multi-factor ANOVA, focusing on analyzing the variance explained by multiple factors and their interactions. The instructor explains how to build models to predict outcomes based on different factor levels and how to interpret the results using F-values. The lecture also delves into the significance of factor interactions and provides practical hints on decomposing the total sum of squares. Through examples and formulas, students learn how to apply Multi-factor ANOVA in real-world scenarios.