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The "Level of Proof" in Relation to the Meaning of "Alpha"

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What does "level of proof" mean? (Alpha in hypothesis testing.)

What is the technical definition of alpha?

When might a "high level of proof" be required in business?

Why does a "high level of proof" mean a small value of alpha?

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Solution Summary

This solution helps define various statistical concepts.

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(a) It is the minimum chance or probability required for rejecting a null hypothesis

(b) It is the probability of making a Type I ...

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