Investopedia explains 'Statistical Significance'
The calculation of statistical significance (significance testing) is subject to a certain degree of error. The researcher must define in advance the probability of a sampling error (which exists in any test that does not include the entire population). Sample size is an important component of statistical significance in that larger samples are less prone to flukes. Only random, representative samples should be used in significance testing.
The level at which one can accept whether an event is statistically significant is known as the significance level or p-value.
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