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What is the difference between statistical significance versus practical significance?
Updated: 12/8/2022
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
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