Last updated on Jul 4, 2024

How can you balance statistical power and practical constraints?

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In the realm of Business Intelligence (BI), statistical power is the probability that a study will detect an effect when there is an effect to be detected. It's crucial for the reliability of your findings, yet practical constraints such as time, budget, and data availability often limit it. You're faced with the challenge of maximizing statistical power while navigating these real-world limitations. Understanding this balance is key to effective BI practices, ensuring that the insights you generate are both accurate and actionable within the confines of your resources.

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