Statistical Significance


Definition: Statistical Significance is the likelihood that a relationship between two or more variables we find in our results is NOT caused by random chance.
In any experiment or observation that involves drawing a sample from a larger total population, there is always the possibility that an observed effect occurred due to sampling error (coincidence). Statistical significance is a way of showing to what extent that the answers which were obtained from the data are not totally due to luck.


More on decision support: Activity Based Costing, Artificial Intelligence In Marketing, Big Data Analytics, Business Intelligence, Business Performance Management, more...


MBA Brief offers accurate and concise definitions of MBA concepts, frameworks, methods and models.

We love to keep things really short, but provide links to learn more about your subject and to similar concepts.

© 2023 MBA Brief - Last updated: 5-2-2023  -  Privacy   |   Terms