Statistical Significance in statistical hypothesis testing is attained whenever the observed p-value of a test statistic is less than the significance level defined for the study. The p-value is the probability of obtaining results at least as extreme as those observed, given that the null hypothesis is true. The significance level, α, is the probability of rejecting the null hypothesis, given that it is true. In any experiment or observation that involves drawing a sample from a population, there is always the possibility that an observed effect would have occurred due to sampling error alone. But if the p-value of an observed effect is less than the significance level, an investigator may conclude that that effect reflects the characteristics of the whole population, thereby rejecting the null hypothesis. A significance level is chosen before data collection and typically set to 5% or much lower, depending on the field of study. This technique for testing the significance of results was developed in the early 20th century. The term significance does not imply importance here, and the term statistical significance is not the same as research, theoretical, or practical significance. For example, the term clinical significance refers to the practical importance of a treatment effect.
Was the above useful? Please share with others on social media.
If you want to look for more information, check some free online courses available at coursera.org, edx.org or udemy.com.
Recommended reading list:
  | Data Science from Scratch: First Principles with Python Data science libraries, frameworks, modules, and toolkits are great for doing data science, but they’re also a good way to dive into the discipline without actually understanding data science. In this book, you’ll learn how many of the most fundamental data science tools and algorithms work by implementing them from scratch. If you have an aptitude for mathematics and some programming skills, author Joel Grus will help you get comfortable with the math and statistics at the core of data science, and with hacking skills you need to get started as a data scientist. Today’s messy glut of data holds answers to questions no one’s even thought to ask. This book provides you with the know-how to dig those answers out. Get a crash course in Python Learn the basics of linear algebra, statistics, and probability—and understand how and when they're used in data science Collect, explore, clean, munge, and manipulate data Dive into the fundamentals of machine learning Implement models such as k-nearest Neighbors, Naive Bayes, linear and logistic regression, decision trees, neural networks, and clustering Explore recommender systems, natural language processing, network analysis, MapReduce, and databases |