What is the difference between practical significance and statistical significance?
Welcome!
Share and discuss the best content and new marketing ideas, build your professional profile and become a better marketer together.
Share and discuss the best content and new marketing ideas, build your professional profile and become a better marketer together.
Statistical significance: Indicates whether an effect exists, based on the p-value and α.
Practical significance: Considers whether the effect is meaningful or large enough to matter in real-world terms, regardless of p-value.