What is the conventional level of probability that is often accepted when conducting statistical tests in social science and business?
A) 0.1
B) 0.05
C) 0.5
D) 0.001

Question

Quizplus · Accepted Answer

The conventional level of probability that is often accepted when conducting statistical tests in social science and business is 0.05, which means that there is a 5% chance of obtaining the observed result by chance. This level of probability is commonly referred to as the "significance level" or "alpha level" in statistical analysis. It is considered to be a reasonable balance between making false positive errors (rejecting the null hypothesis when it is actually true) and false negative errors (failing to reject the null hypothesis when it is actually false).

What Is the Conventional Level of Probability That Is Often