Solved: Difference-statistical and practical significance, Basic Statistics

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Difference-statistical and practical significance

Discussion:

Q1: What is a type I and type II errors in hypothesis testing? What would be examples of each? Explain

Q2: What is the difference between statistical significance and practical significance? Why is statistical significance not necessarily of practical important difference to a business decision? Provide an example of this.

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Basic Statistics: Difference-statistical and practical significance

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Basic Statistics: Difference-statistical and practical significance

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