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    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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    https://brainmass.com/statistics/hypothesis-testing/statistical-practical-significance-business-practical-action-383195

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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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