Home > Term: statistical significance
statistical significance
There are lies, damned lies and statistics, said Benjamin Disraeli, a British prime minister. Certainly, even if the result of number crunching is statistically significant, it does not actually mean it is true. But it does mean it is much more likely to be true than false. Statistical significance means that the probability of getting that result by chance is low. The most commonly used measure of statistical significance is that there must be a 95% chance that the result is right and only a 1 in 20 chance of the result occurring randomly.
- Part of Speech: noun
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
0
Creator
- summer.l
- 100% positive feedback