Distinguish Between Statistical Significance and Practical Significance

question 98

Multiple Choice

Distinguish between Statistical Significance and Practical Significance
-True or False: Results that are statistically significant are always practically significant.

• A) False
• B) True

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Definitions:

Trimmed Mean

A method of averaging that involves removing a specified percentage of the smallest and largest values before calculating the mean.

Bootstrap Distribution

A sampling distribution estimated by resampling with replacement from an observed dataset, typically used to estimate the variability of a statistic.

Confidence Interval

An interval estimate that provides an upper and lower limit within which the true parameter of a population is expected to fall, with a specified probability.

Annual Salaries

The total earnings of an individual or employee over the course of a year, excluding bonuses or other additional payments.