Purchase Solution

Statistical signficance vs. practical signficance

Not what you're looking for?

Ask Custom Question

If a finding is statistically significant, why is it also necessary to consider practical significance?

Purchase this Solution

Solution Summary

This solution illustrates the difference between statistical significance and practical significance.

Solution Preview

When we make a statistical decision, it is based only on statistical significance. For example, suppose a pharmaceutical company is considering the replacement of their current cholesterol lowering drug with a new one. The statisticians collect and analyze data and report the following back to management. The statistical conclusion is, "With 95% confidence (the .05 level of statistical significance), we can conclude that the average cholesterol lowering capacity ...

Purchase this Solution

Free BrainMass Quizzes
Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.