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    Explanation of Probability Value and Significance Level

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    What is the difference between the probability value and the significance level? Please, also provide examples.

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    What is the difference between the probability value and the significance level? Please, also provide examples.

    The significance level is the type I error: the probability that we reject the null hypothesis H0 but H0 is true. We want to control this error as small as possible. Normally, we set this value as 0.05. This is why you see in many examples the significance level is set to be ...

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    The solution discusses what is the difference between the probability value and the significance level and provides examples.

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