Final answer:
Statistical significance indicates a meaningful difference or relationship in the data being analyzed, and it is determined through hypothesis testing. If the p-value is less than a predetermined threshold, the result is considered statistically significant.
Step-by-step explanation:
Statistical significance refers to a result that is unlikely to occur by chance alone. In other words, it indicates that there is a meaningful difference or relationship in the data being analyzed. It is determined through hypothesis testing, where a null hypothesis is tested against an alternative hypothesis. If the p-value (probability value) is less than a predetermined threshold, typically 0.05, the result is considered statistically significant.
For example, if a study on the effectiveness of a drug shows a p-value of 0.03, it means that there is only a 3% chance of obtaining the observed results if the drug had no effect. This suggests that the drug is likely to have a real impact and is not just due to random chance.