STATISTICAL TECHNIQUES AND TOOLS
CONCEPT OF POINT AND INTERVAL ESTIMATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False, it’s 0.10
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False, it’s 0.05
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False, it’s 0.50
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Detailed explanation-1: -Common significance levels are 0.10 (1 chance in 10), 0.05 (1 chance in 20), and 0.01 (1 chance in 100). The result of a hypothesis test, as has been seen, is that the null hypothesis is either rejected or not. The significance level for the test is set in advance by the researcher in choosing a critical test value.
Detailed explanation-2: -Level of significance is a statistical term for how willing you are to be wrong. With a 95 percent confidence interval, you have a 5 percent chance of being wrong. With a 90 percent confidence interval, you have a 10 percent chance of being wrong.
Detailed explanation-3: -The confidence level is equivalent to 1 – the alpha level. So, if your significance level is 0.05, the corresponding confidence level is 95%. If the P value is less than your significance (alpha) level, the hypothesis test is statistically significant.