Understand, interpret, and be critical of the concepts of statistical signi cance and p-values.
Statistical signi cance is about whether our sample contains enough information to detect that an e ect exists (e.g. to detect that the Binomial parameter p = p0). It says nothing about the size of the e ect (i.e. how big is the di erence between p and p0).
Statistical signi cance depends heavily on the sample size, n. An e ect of a given size (e.g. the di erence between p0 = 0:5 and p = 0:6) will be detectable in a large sample, but not detectable in a small sample.
Statistical signi cance is not the same as real-world signi cance. Statistical signi cance does NOT tell us about how large or important a result is. It just calculates OUR evidence in OUR sample for whether or not an e ect exists.