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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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โˆ™ 2007-05-17 07:00:13
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Q: What is practical significance?
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Definition of practical significance?

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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Practical significance refers to the relevance of the study to the question at hand. Statistical significance refers to results of a computation to determine whether a certain event is due to chance.


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Research conclusion includes discussing the significance of the findings; addressing the theoretical, practical, or pedagogical implications; and recommending future research directions.


What is the difference between statistical significance versus practical significance?

Statistical significance means that you are sure that the statistic is reliable. It is very possible that whatever you conclusion or finding is, it may not be important or it not have any decision-making utility. For example, my diet program has a 1 oz weight loss per month and I can show that is statistically significant. Do you really want a diet like that? It is not practically significant


What is the correct comparative form of practical?

more practical


What is the comparative and superlative for practical?

more practical, most practical


Why is statistical significance not necessarily of practical importance to a business decision?

Some data in statistics can affect numbers, which will skew the data. When this happens managers should make business decisions that ignore the stats.


What is a practical?

Practical is the synonym of realistic. When practical term is used, it simply means that the statement is not hypothetical. It can be done because it is practical.


How long is soon as practical?

Soon is practical as soon as you think soon is practical


What is the prefix and suffix for practical?

-Al is the suffix of practical. There is no prefix of practical.


What is the comparative and superlative meaning of the word practical?

more practical, most practical


What is practical?

what is the functional organisation or practical


What is the superlative for practical?

Most Practical


What is the prefix of not practical?

im-practical


What is an practical practice?

practice that is practical


What is the significance of hiraj?

no significance


Opposite of the word 'practical'?

impractical


What is the comparative form of practical?

more practical


What is prefix of practical?

inpractical