What does an alpha level of .05 mean?

What does an alpha level of .05 mean? An alpha level of . 05 means that you are willing to accept up to a 5% chance of rejecting the null hypothesis when the null hypothesis is actually true. What does a 0.5 level of significance mean? Mathematical probabilities like p-values range from 0 (no chance) … Continue reading What does an alpha level of .05 mean?