Why statistical significance is not the same as importance

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Reference no: EM133949809

Questions:

1. Explain why statistical significance is not the same as importance? What factors contribute to this issue for the statistical tests we used in these chapters?

2. What do the two error terms tell us in our lambda calculation?

3. There are a couple of reasons why Chi-Square is a very popular statistical test. Provide each reason.

Reference no: EM133949809

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