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What are Significance probability and significance level?
Significance probability in statistics can be defined as the probability of observation of a value which has to be treated to be significantly more than the value which has been already observed. Significance level on the other side can be defined as the measure of the probability of the type I error committed in any event or for any observation during a statistical measurement in the statistics. The significance level is denoted by the symbol of α.
The perfect evaluation of p-level is important and it says that if it is less that significance level, the null value can easily be rejected. Thus, for null value rejection 5% is the standard setting. Significance testing or hypothesis testing requires the value of significance probability for an exact result.
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