The significance level is the maximum risk you will accept of making a Type 2 error.

Name: The significance level is the maximum risk you will accept of making a Type 2 error.
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The significance level, also known as alpha, represents the maximum risk you are willing to take of making a Type 1 error (rejecting the null hypothesis when it is actually true). The risk of making a Type 2 error (failing to reject the null hypothesis when it is actually false) is represented by beta.

The Significance Level Is the Maximum Risk You Will Accept