statistics

Statistical Significance vs. Practical Significance

Statistical Significance vs. Practical Significance

A key driver of statistical significance is sample size. One issue with statistical significance is that with a large population, you will most likely determine statistical significance (i.e., any difference or any correlation will be significant). The differences between any sample means will be significant if the sample is large enough. However, when conducting real-world research, statistical significance does not always equate to practical significance (or vice versa). You need to ask the question, “Can you use the statistically significant (or insignificant) results in a practical, real-world application?”