Why statistical significance does not always mean practical importance
In short: This video explores the distinction between statistical and practical significance. Learn how degrees of freedom—the independent pieces of information in a model—impact the concreteness of your results and how effect size helps determine if a finding actually matters in the real world.
The video examines the concept of degrees of freedom, defined as the number of independent pieces of information that constitute a statistical model. Generally, having more degrees of freedom leads to more concrete results.
Crucially, the presenter distinguishes between statistical significance and practical significance. While a result may be statistically significant, it may lack practical importance. To bridge this gap, the concept of effect size is introduced as a metric to measure the actual magnitude of a finding.
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Sources
- Summary by Intellect · source: Degrees of Freedom and Effect Sizes: Crash Course Statistics #28
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