Statistical significance
Also known as: p-value
How surprising the data would be if there were truly no effect.
What it means
Statistical significance is a verdict that a result is unlikely to have arisen by chance alone, declared when the p-value — the probability of observing data at least as extreme as those obtained if the null hypothesis were true — falls below a pre-set threshold, conventionally 0.05. The logic is one of proof by improbability: if the data would be very surprising in a world with no real effect, that world is rejected in favor of the alternative. The concept is, however, one of the most widely misunderstood ideas in science, and several common interpretations are simply wrong: the p-value is not the probability that the hypothesis is true, not the probability the result is a fluke, and not a measure of the size or importance of an effect. The 0.05 threshold is an arbitrary convention, and significance can be achieved for trivially small effects given a large enough sample, or missed for real effects in an underpowered one. Critics have proposed lowering thresholds, reporting confidence intervals and effect sizes instead, or abandoning significance testing altogether. It matters because significance is treated as a gatekeeper for publication and decisions, yet on its own it says nothing about whether an effect is large, real in a practical sense, or replicable.
Examples
A p-value of 0.03 means that data this extreme would occur about 3% of the time if there were truly no effect — not that there is a 97% chance the effect is real.
With ten million users, a website finds a 'highly significant' improvement of two hundredths of a second in load time. Real, perhaps, but far too small for anyone to notice.
Two teams run the same trial. One gets p = 0.049 and announces a discovery; the other gets p = 0.051 and shelves the study. The underlying evidence is near identical.
First described in Fisher; Neyman & Pearson.