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Statistical significance is a way of quantifying whether results in data are not explainable by chance alone.
Example of use
For example, a pharmaceutical company in diabetes medication, reported that there was a statistically significant reduction in type 1 diabetes when it tested its new insulin. The test consisted of 26 weeks of randomized therapy among diabetes patients, and the data gave a p-value that was less than 5%. This signifies to investors and regulatory agencies that the data show a statistically significant reduction in type 1 diabetes.
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