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Why is statistical significance not necessarily of practical importance to a business decision?
Wiki User
∙ 9y ago
Some data in statistics can affect numbers, which will skew the data. When this happens managers should make business decisions that ignore the stats.
Wiki User
∙ 9y ago
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Practical significance in statistics is concern with whether the acquired research result is useful in the real world verus in theory which is not practical.
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Definition of the significance of the study?
The significance of a study refers to its importance and relevance in addressing a particular research question or problem. It highlights the potential impact of the study findings on the existing body of knowledge, as well as on practical applications or future research directions in the field. Understanding the significance helps justify why the study is worth conducting and why the results are valuable.
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Statistical: must have random sampling, allows you to generalize to the population from which you randomly selected. Practical: do the results hold for similar individuals? allows you to generalize to similar individuals
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Practical significance refers to the real-world importance or impact of a research finding, while statistical significance indicates the likelihood that a relationship between variables is not due to chance. A result can be statistically significant but not practically meaningful, or vice versa. Researchers should consider both types of significance when interpreting study results.
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There is statistical significance, an arbitrary limit whereby an observed difference could reasonably be assumed to be due to some factor other than pure chance. Then there is practical significance, an arbitrary limit whereby an observed difference is of some practical use in the real world. Let's say you add Ingredient X to your car's oil that is supposed to improve fuel efficiency. You conduct a careful controlled experiment, measuring fuel efficiency before and after introducing the additive. You find that the difference before and after is statistically significantly better, and conclude that the additive does indeed improve fuel efficiency. However, Ingredient X costs $1000 a bottle - effectively negating any fuel efficiency savings. You don't really drive your car that much so conclude that the difference is not practically significant.
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