Differences are important,but a finding of statistical significance in no way guarantees which of the following?
A)Significant difference
B)Market difference
C)Meaningful difference
D)Actionable difference

Question

Quizplus · Accepted Answer

A finding of statistical significance only indicates that the observed difference is unlikely to have occurred by chance, but it does not necessarily mean that the difference is meaningful or important in a practical sense. Meaningful difference relates to the significance of the difference in the context of the research question or problem. Therefore, statistical significance is not equivalent to meaningful difference. Option A and B are not correct because significant difference and market difference are not synonymous with meaningful difference. Option D is also not correct because actionable difference refers to the difference that is significant, meaningful, and relevant for decision-making.

Differences Are Important,but a Finding of Statistical Significance in No