How do you assess the statistical significance of an insight?

Data Science, AI and ML
#1

To assess statistical significance, you would use hypothesis testing. The null hypothesis and alternate hypothesis would be stated first. Second, you’d calculate the p-value, which is the likelihood of getting the test’s observed findings if the null hypothesis is true. Finally, you would select the threshold of significance (alpha) and reject the null hypothesis if the p-value is smaller than the alpha — in other words, the result is statistically significant.