What Is Practical Significance Vs Statistical Significance? - The Friendly Statistician

Описание: What Is Practical Significance Vs Statistical Significance? In this informative video, we will clarify the concepts of statistical significance and practical significance in data analysis. Understanding these two terms is essential for anyone working with data, whether in research, business, or any other field. We will define statistical significance and explain how it helps determine if your results are likely due to chance or if they represent a real effect. Additionally, we will discuss practical significance and why it matters in real-world applications.

Through relatable examples, you'll learn how to differentiate between these two types of significance and why both are necessary for a complete understanding of your data. We will also highlight the importance of effect size and confidence intervals in assessing practical significance. By the end of this video, you'll have a clearer grasp of these concepts and how to apply them in your own work, ensuring that your conclusions are both statistically sound and practically relevant.

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