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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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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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What are the major differences between practical significance and statistical significance?
AnswerThis is a very good and interesting question. As soon as you become interested in practical significance, you make your decision subjective. This is not bad by any means. It means that you are free to determine whether or not an outcome is important to study, even if you have not reached the classic "p < .05". Statistics tells you something about the likelihood that what you got was produced by chance alone. But in situations that deal for example with child safety, you aren't going to continue (or terminate) a process based on results that come in at "p = .062". In a statistics examination and with a presumed 5% confidence, p = .062 is not a strong enough result to "reject the null hypothesis". But what could that possibly mean if you are looking at factors affecting child safety?I think the bottom line is this. If you are engaged in any kind of academic study and neither the study nor the results will bring harm to anyone, then let the statistics guide your research decisions. If there is the potential that harm will come to one or more individuals as a result of the study or its outcomes, then you need to re-evaluate the purpose of the study and consider the safety and well-being of the people involved.
What is the importance of studying statistics in mathematics?
Please give me a importance of study of statistics
