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Showing results for tags 'practical significance'.
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Practical Significance
Vishwadeep Khatri posted a question in We ask and you answer! The best answer wins!
Q 355. Problem solving methods focus more on statistical significance, whereas a good solution should also be practically significant. What is practical significance? Support your answer with suitable examples. Note for website visitors - Two questions are asked every week on this platform. One on Tuesday and the other on Friday. All questions so far can be seen here - https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/ Please visit the forum home page at https://www.benchmarksixsigma.com/forum/ to respond to the latest question open till the next Tuesday/ Friday evening 5 PM as per Indian Standard Time. Questions launched on Tuesdays are open till Friday and questions launched on Friday are open till Tuesday. The best answer is always shown at the top among responses and the author finds honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term -
You want output Y to improve and are looking for X that influences Y. Share examples when the outcome of a hypothesis test indicates statistical significance with respect to impact of X on Y but does not warrant a change in X
