How much data is enough to state statistical significance? In other words, what should be the optimal sample size? Often, it is not entirely feasible to perform the statistical experiment multiple times to ensure enough power. At the same time, our machine learning model might not be statistically conclusive if we do not have an adequate sample size.
Power Analysis helps us to do such an analysis. It estimates how much sample size is necessary to capture the effect of the study at the desired significance level, effect size, and statistical power. Yes, there were a lot of new terms all of a sudden. Don’t worry, we will discuss them as we go along.
Let’s first discuss the statistical power in detail.