The differences between and misunderstanding of statistical effect size, significance and power have been one of the greatest issues in modern statistics. It is critical that the researcher learn these concepts. Remembering that the key thing is the size of the key statistical effects (parameters or coefficients) is foremost. Knowing that confidence in the statistic is crucial supplements this. To be confident in a statistic we would hope that it would be statistically significant, accurate, and powerful. Once we have these in place simultaneously, we have a statistic with the potential to substantially improve our business knowledge and hopefully strategies.