Quote by Ronald A. Fisher
The value for which P=0.05, or 1 in 20, is 1.96 or nearly 2; it is convenient to take this point as a limit in judging whether a deviation ought to be considered significant or not. Deviations exceeding twice the standard deviation are thus formally regarded as significant. Using this criterion we should be led to follow up a false indication only once in 22 trials, even if the statistics were the only guide available. Small effects will still escape notice if the data are insufficiently numerous to bring them out, but no lowering of the standard of significance would meet this difficulty.
Summary
This quote refers to the significance threshold of 0.05 or 1 in 20, commonly used to determine statistical significance in research studies. It suggests that deviations exceeding twice the standard deviation (1.96 or approximately 2) can be considered significant. By following this criterion, there is a low chance of following a false indication (1 in 22 trials). However, it is important to note that small effects may go unnoticed if the data is limited, and reducing the significance threshold wouldn't solve this issue.
Liked the quote? Share it with your friends.
