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Practical significance: Practical significance relates to whether the result from a statistical hypothesis test is useful or not. Hypothesis testing tests for statistical significance. It means the effect observed in the sample was unlikely to occurred due to chance alone. In other words, it would be very unlikely to see what was observed in the sample if the null hypothesis is true. Example: If a Call Centre claims their average wait time is 30 seconds. We decide to test: Ho: mean=30 Ha: mean>30 We find X (sa

In the world of statistics, we use hypothesis testing (based on sample) to check 'Statistical Significance' and draw conclusion about the population or universe. As we know that these hypothesis testing is subjected to some sort of inevitable errors (type-1 error & type-2 error), hence influence our decision making process. If our decision is solely based on the result of hypothesis testing, it might lead us to wrong path/decision when applied to real world situations due to numerous factors which might not been considered while forming hypothesis. On the contrary, Real world situation/sce

VRIO stands for Value , Rarity, Imitability and Organization. A Question Framework of the 4 mentioned matrix is created to analyze and uncover ‘Sustained Competitive advantage”. Since it is a tool that helps to plan for achievement of long term goals and create an edge over the competitors, VRIO framework forms a part of the Organization’s strategic Scheme. Unlike SWOT, which is carried out on the organization as a whole, VRIO analysis is conducted on each individual resource or competency that needs to be reviewed. The abovementioned four components of VRIO Analysis are arranged i