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?© BrainMass Inc. brainmass.com March 4, 2021, 11:00 pm ad1c9bdddf
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. ...
Your response is 193 words in everyday language suitable for a novice. Example given.