Significance Level

Significance Level [sɪɡˈnɪf.ə.kəns ˈlev.əl]: A threshold for the probability of a wrong decision when testing a hypothesis. Usually called alpha (α). Common choices are α = 0.05 (5 %) or α = 0.01 (1 %). If the calculated p-value is lower than the significance level, the result is called statistically significant.

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