Asymptotic. The significance level based on the asymptotic distribution of a test statistic.
Typically, a value of less than 0.05 is considered significant. The asymptotic significance is based
on the assumption that the data set is large. If the data set is small or poorly distributed, this
may not be a good indication of significance.
Monte Carlo Estimate. An unbiased estimate of the exact significance level, calculated by repeatedly sampling
from a reference set of tables with the same dimensions and row and column margins as the observed
table. The Monte Carlo method allows you to estimate exact significance without relying on the
assumptions required for the asymptotic method. This method is most useful when the data set is too
large to compute exact significance, but the data do not meet the assumptions of the asymptotic
method.
Exact. The probability of the observed outcome or an outcome more extreme is calculated
exactly. Typically, a significance level less than 0.05 is considered significant, indicating that
there is some relationship between the row and column variables.