Significance thresholds: How to tailor your results
We’re excited to announce the latest update to Relative Insight: adjustable significance thresholds. This new feature gives you more control over your analysis, allowing you to tailor your results to your specific needs.
Choose from four industry-recognized thresholds
With this update, you can now choose from four industry-recognized significance thresholds:
- Medium: 95th percentile (p < 0.05)
- Default: 99th percentile (p < 0.01)
- High: 99.9th percentile (p < 0.001)
- Very High: 99.99th percentile (p < 0.0001)
What is statistical significance?
First, let’s go back to basics. What do we mean by statistical significance?
Statistical significance means figuring out if the differences or patterns we see in data are likely to be real or just random.
We do this by comparing what we’ve observed to what we’d expect if there wasn’t actually any difference. If what we’ve seen is very unlikely to happen just by chance, we say it’s statistically significant.
Why is 99% our default (and why you might want to adjust it?)
We set a 99th percentile significance threshold as the default because it helps us avoid making mistakes where we think something is significant when it’s not.
By being more cautious with our threshold, we make sure that when we say something is significant, it’s less likely to be just a fluke. This makes your insights stronger and more reliable.
Using the 99th percentile works for most cases, however, there are situations where other levels would be appropriate:
- 95th percentile: Common in situations where data sizes are small or where it’s important to detect even small effects
- 99.99th percentile: Useful where there are a lot of results and you want to focus only on the strongest results
The threshold of significance makes a real difference
By giving you more control over the significance threshold, we’re helping you to draw more accurate insights from your data.
Whether you’re working in customer insights, academia, pharmaceuticals, or another field, this feature will help you get the most out of your analysis.
Don’t settle for a one-size-fits-all approach to statistical significance. With our adjustable significance threshold, you can:
- Customize your analysis to suit your unique needs
- Increase the accuracy of your insights
- Make more informed decisions with confidence
Try it Out Today!
Using the adjustable significance threshold feature is easy. Simply navigate to the Explore page, go to Threshold in the top menu, and select the desired value from the slider.
The adjustable significance threshold feature is now live in Relative Insight. Log in to your account to try it out and see how it can enhance your analysis.