Statistical power refers to the ability of a statistical test to detect an effect or relationship when it truly exists. It is the probability of correctly rejecting a false null hypothesis.
Imagine you are playing a game where you need to find hidden objects in a room. The statistical power is like your ability to spot those objects accurately. If you have high power, you can easily find even small hidden objects. But if your power is low, you might miss some objects, leading to false conclusions about the room.
Type I Error: Type I error occurs when we reject the null hypothesis (assume an effect exists) when it is actually true.
Type II Error: Type II error happens when we fail to reject the null hypothesis (assume no effect) when there is actually an effect present.
Effect Size: Effect size measures the magnitude or strength of a relationship between variables and helps determine practical significance beyond statistical significance.
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