Question

. We say the result of a hypothesis test is practically important or practically significant if
A. the p-value is small.
B. the result is practically meaningful or has important implications.
C. the result would be unlikely to occur just by chance alone if we assume the null
hypothesis is true.
D. All of the above are correct answers.
E. None of the above are correct answers.

Answer 1

Solution:

Hypothesis for significance testing is

H0 : Model is not statistically significant

Vs

H1 : Model is statistically significant

In general if P-Value is less than a level of significance i.e Alpha then we reject Ho

That means the fitted model is statistically significant

And similarly for options b) and options c)

hence answer is D​​​​)

D. All of the above are correct answers.

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