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What is meant by the term Statistically Significant Difference If it is statistically significant does that automatically mean it is managerially significant?
You make assumptions about the nature of the distribution for a set of observations and determine a pair of competing hypotheses - a null hypotheis and an alternative. Based on the null hypothesis you devise a test for a statistic that is based on the observations. Assuming the null hypothesis is true, if the probability of observing a test statistic that is at least as extreme as the one obtained is smaller than some pre-determined level (that is, if the observations are very unlikely under the null hypothesis) then the result is said to be statistically significant.
This does not automatically imply managerial significance since, among other factors, the latter must take account of the consequences (costs) of making the wrong decision.
What else can I help you with?
What is a statistically significant?
if it is unlikely to have happened by chance
Can paired means be statistically significant?
No. However, the difference between them can be.
Is it possible for the results of the study to be of practical importance even though they are not statistically significant?
Yes!
Which of these is closest to what you mean to statistically significant?
Statistically significant is the term used to define when two data are distinct enough in value as to be considered different values. To determine whether two data are close enough in value or distinct enough in value to be considered the same or different, usually you have to do a p-test or a t-test, depending on the type of data that you are looking at. Then confer with the corresponding chart for the test that you did to see whether or not the data is statistically significant.
Is statistical significance below or above 0.05?
If the outcome is below or equal to 0.05, then it is statistically significant; above is not.
If it is statistically significant does that automatically mean it is managerially significant?
No, it is not.
Result being Statistically Significant or not statistically significant?
"Statistically significant" means that the result is beyond the element of chance.
What is a statistically significant result?
A result is statistically significant if:it is unlikely to have occurred by chance
What is a statistically significant?
if it is unlikely to have happened by chance
Can paired means be statistically significant?
No. However, the difference between them can be.
Is .016 statistically significant in spss?
A number, by itself, cannot be statistically significant. It is necessary to know what the underlying statistical distribution for that number is. That information can be obtained from knowledge of the statistical test being carried out.
Is .031 statistically significant?
This question lacks the details to make any judgement.
How can a result be described as statistically significant but not practically significant?
You buy a thousand lottery tickets (different numbers) and win nothing. That is statistically significant because the chances of that happening purely by chance are pretty slim. But if the lottery is operated properly, the result is not practically significant. There is nothing that can be done. Tough!
What values do scientists often use when evaluating data sets?
Those that are statistically significant.
Is it possible for the results of the study to be of practical importance even though they are not statistically significant?
Yes!
What is statistically significant about n equals 30 sample size?
There is nothing particularly significant about a sample size of 30.
Is 0.045 Statistically Significant?
Whether 0.045 is statistically significant depends on the context, specifically the predetermined significance level (alpha) for the analysis. Commonly, a p-value of 0.05 is used as a threshold, meaning that a p-value of 0.045 would be considered statistically significant, indicating strong evidence against the null hypothesis. However, it's essential to consider the study design, sample size, and practical significance when interpreting this result.
