How do you balance statistical power and practical constraints?
In Business Intelligence (BI), balancing statistical power with practical constraints is like walking a tightrope. You aim for robust data analysis, but you're often limited by time, budget, and data availability. Statistical power, the likelihood that a test will detect an effect if there is one, is crucial for making informed decisions. However, achieving high statistical power can be resource-intensive. Conversely, practical constraints demand efficiency and cost-effectiveness. Striking a balance requires understanding both the capabilities of statistical methods and the realities of business environments.