California Coast University Statistical Significance & Meaning of Results HW – assignmentcollections.com
Business Finance Assignment Collections – assignmentcollections.com
Paper must be at least 500 words, paper must include a summary and detailed explanation
a statistical result is statistically important when the observed difference is quite large to conclude that it is not much likely to have occurred by chance. however, this is very meaningless as it does not give practical findings which can be used to make analysis for better conclusions.
the above scenario occurs when the p-value is far less than the standard requirement of the p-value which is typically 0.05.
Explanation:
not all statistically important results are meaningful. a times when the p-value in a finding is less than the required standard which is 0.05, then the results are statistically important but not meaningful at all. such results may not thus have less meaning to the statisticians as they cannot be used to practically make conclusions.
– assignmentcollections.com
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