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Differences between Statistical and Practical Significance

by | Nov 30, 2023 | Posted Questions

Differences between Statistical
and Practical Significance

Hypothesis testing determines if
results are statistically significant. However, marketing managers want to know
if research results are practically significant. What is the difference between
these two concepts? How does a researcher explain the difference to a manager?
Can the size of a sample affect the difference between statistical and
practical significance? If so, explain how.

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