Discuss statistical significance versus practical significance and explain each term.
What will be an ideal response?
Ans: We say that a small p value is statistically significant because it indicates that our statistic has a low probability of occurring under H0. In this case, we reject H0 as a plausible hypothesis about the distribution from which our sample was drawn, and conclude instead that H1 is more plausible. The term statistically significant simply means unusual. An unusual event is one that has a low probability of occurring by chance.
Practical significance relates to the interpretation and implications of a statistical analysis. The practical significance of a result rests on how it matters.
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