Answer the following questions about statistical significance and practical impo
ID: 3299513 • Letter: A
Question
Answer the following questions about statistical significance and practical importance:
1) Which is more appropriate to the issue of statistical significance: p-value or confidence interval?
p-value
Confidence interval
2) Which is more appropriate to the issue of practical importance: p-value or confidence interval?
p-value
Confidence interval
3) Explain the distinction between statistical significance and practical importance.
Statistical significance tells you existing parameters against a hypothesized value while practical importance tells you about strength of evidence.
Statistical significance is the opposite of practical importance.
Statistical significance tells you the exact value of the parameter and practical importance tells you how big the parameter is.
Statistical significance tells you about the strength of evidence against a hypothesized value while practical importance tells you about where we believe the parameter exists.
Explanation / Answer
1) p_value
2) confidence interval
3) Statistical significance tells you about the strength of evidence against a hypothesized value while practical importance tells you about where we believe the parameter exists.