How is the statistical significance of an insight assessed?
Hypothesis testing is used to find out the statistical significance of the insight. To elaborate, the null hypothesis and the alternate hypothesis are stated, and the p-value is calculated.
After calculating the p-value, the null hypothesis is assumed true, and the values are determined. To fine-tune the result, the alpha value, which denotes the significance, is tweaked. If the p-value turns out to be less than the alpha, then the null hypothesis is rejected. This ensures that the result obtained is statistically significant.
