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# Statistical Significance

Asked by
Vishwadeep Khatri

Statistical Significance

**Statistical Significance **- is the likelihood that a relationship between two variables or difference between two data sets is caused by something else other than chance. It uses the concept of significance level (α). α is the maximum probability of rejecting the null hypothesis (Ho) when it is true i.e. maximum probability of committing Type I error. The calculated probability (p) of committing type I error is compared with α and the result is considered statistically significant if p < α.

An application oriented question on the topic along with responses can be seen below. The best answer was provided by Mohan PB on 15th October 2017.

What is the meaning of statistically significant difference? What are some of the most important ways to utilise this concept in problem solving and decision making?

This question is a part of Excellence Ambassador - Episode 2 - World’s best Business Excellence Dictionary Project and can be answered only be registered participants. To know how to register, kindly visit dictionary in the menu above.

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