Statistical Significance Compared To Practical Significance
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Why is statistical significance not necessarily of practical important difference to a business decision? Provide an example and explain. Why do statisticians play only a limited role in deciding whether statistical significance requires a business action?
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Your response is 193 words in everyday language suitable for a novice. Example given.
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Statistical significance is about whether a result is likely due to chance. If the likelihood of a certain result is very low, usually less than 5%, we call the result "significant." In other words, the differences are not likely to occur just by chance variation in the population. ...
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