What is meant by "statistical significance"?

Statistical significance refers to the likelihood that the results of a study are not due to random chance. In hypothesis testing, a p-value is calculated to determine this likelihood. When a p-value is less than the conventional threshold of 0.05, it indicates that there is less than a 5% probability that the observed results occurred by chance alone if the null hypothesis were true. Consequently, researchers can infer that there is a statistically significant effect, correlation, or difference present in their data.

Understanding statistical significance helps in making informed decisions regarding the findings of research studies. It provides a measure of confidence in the results, allowing researchers to conclude that their observations are meaningful and warrant further exploration or application.