**Re: What is the difference between statistical significance (based on probability) an**

I think a lot of people mix them up.

You can, for example, have a small effect size, say your outcome increases by 0.01 per 1 increase in predictor. Yet with very high significance, say only a probability of 0.001 of finding this effect under the null hypothesis (that the effect is zero). This will depend on the standard error, which in turn depends on your variance and sample size. Then you can say with reasonable certainty the effect is very small.

You can also have a very large effect, but with low significance; a large effect with high significance; a small effect with low significance.

The effect is the parameter estimate, the significance is reported as the p-value.

Hope this helps. It's not easy to explain in layman terms here, and I find a graphical representation often helps interpret the significance.