A century ago, two oddly domestic puzzles helped set the rules for what modern science treats as "real": a Guinness brewer charged with quality control and a British lady insisting she can taste ...

In order to prevent misleading conclusions based on spurious observed effects--especially seductively large ones--Robinson and Levin (1997) suggested a two-step approach to the reporting and ...

It’s too often misused and misunderstood. by Amy Gallo When you run an experiment or analyze data, you want to know if your findings are “significant.” But business relevance (i.e., practical ...

It may be common knowledge that p < .05 indicates statistical significance. Psychology students (and others) are often taught that p < .05 means the probability (p) of rejecting the null hypothesis ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

The perennial question facing all banks is, “What volume of lending in Majority-Minority census tracts and mortgages extended to minority home borrowers must we do to avoid redlining allegations by ...

Citations: McShane, Blake, Andrew Gelman. 2022. Selecting on Statistical Significance and Practical Importance Is Wrong. Journal of Information Technology. (3)312-315.

There is a better way, and it was there in the Guinness brewery with William Gosset 100 years ago. It starts with dethroning statistical significance, moving away from all-or-none frequentist thinking ...