What's the difference between Statistical versus Practical Significance? If you’re around data at all, you’ve likely heard someone talk about statistical significance. This hurdle is often considered the gold standard in a variety of disciplines for showing that something is true. A new drug being developed needs to show statistically significant efficacy to be considered viable. A new policy intervention is proved effective if it can, with statistical significance, promote a particular behavior. And a choice between different advertisements is made when one statistically significantly outperforms the other on some key metric like favorability.

But even though statistical significance is a minimum requirement for any of those conclusions, it fails to consider something else, meaningful significance. In other words, just because something is true, doesn’t mean it matters all that much. In this episode, if you stick around to the end, I’m going to try and provide an intuitive framework for how to think about whether a result of some kind isn’t just true, but also whether it’s meaningful.

Video explaining statistical significance: [ Ссылка ]

Video explaining randomized experiments: [ Ссылка ]

Learn more about who I am and why I'm doing this here: [ Ссылка ]

Video that has more detail wealth inequality: [ Ссылка ]

Video that explains how to adjust for inflation: [ Ссылка ]

Follow me at:
LinkedIn: [ Ссылка ]
Patreon: [ Ссылка ]

Equipment Used for Filming:
Nikon D7100: [ Ссылка ]
Softlight: [ Ссылка ]
Yeti Microphone: [ Ссылка ]
iPad for Teleprompter: [ Ссылка ]
Camtasia for Video Editing: [ Ссылка ]

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