The difference between statistical significance and practical significance is that... A. Statistical significance can be determined by conducting hypothesis tests whereas practical significance is determined by setting confidence intervals. B. Statistical significance tests should be used to judge the relevance of a given variable in a regression model whereas practical significance should only be used to judge whether a variable should be included in the model initially. C. Statistical significance only matters when sample sizes are large whereas practical significance is especially important when sample sizes are small. D. Statistical significance tells us whether an estimate is relevant or not whereas practical significance is based purely on the judgement of the researcher and is therefore not relevant. E. Statistical significance can be determined by conducting hypothesis tests whereas practical significance is determined by theoretical relevance or the practical importance of the magnitude of a parameter estimate.

Answered: The difference between statistical…

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The difference between statistical significance and practical significance is that...

A. Statistical significance can be determined by conducting hypothesis tests whereas practical significance is determined by setting confidence intervals.
B. Statistical significance tests should be used to judge the relevance of a given variable in a regression model whereas practical significance should only be used to judge whether a variable should be included in the model initially.
C. Statistical significance only matters when sample sizes are large whereas practical significance is especially important when sample sizes are small.
D. Statistical significance tells us whether an estimate is relevant or not whereas practical significance is based purely on the judgement of the researcher and is therefore not relevant.
E. Statistical significance can be determined by conducting hypothesis tests whereas practical significance is determined by theoretical relevance or the practical importance of the magnitude of a parameter estimate.

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