I have little background in statistics. For a dozen items, I have vectors of ratings for these items.
I have calculated the variance, and Pearson correlation for these items (using numpy). Now I would like to compare them.
My adviser asked me to see if the differences in variance and correlation were "statistically significant" using the 95% rule. How can I do this?
How does this statistical significance relate to scipy's p-value which is returned with Pearson correlation (it makes no mention of "95%")?
The p-value roughly indicates the probability of an uncorrelated system producing >datasets that have a Pearson correlation at least as extreme as the one computed from >these datasets. The p-values are not entirely reliable but are probably reasonable for >a datasets larger than 500 or so.