Question

Common significance levels are 0.01 and 0.05. why would it be unwise to use a significance level with a number like 0.0483?

Answers

  1. Common significance levels are 0.01 and 0.05. Because the observations in the sample do not come from a random pool, it is impossible to conduct a test based on a population percentage by utilizing the normal approximation approach. This is further explained below.

    What is probability?

    Generally, The possibility of an occurrence may be quantified using the concept of probability. There are many occurrences that cannot be foreseen with complete accuracy.
    In conclusion, Both 0.01 and 0.05 are considered to be significant values. It is not feasible to perform a test based on a population percentage using the normal approximation technique because the observations in the sample do not originate from a random pool. This makes it impossible to utilize the normal approximation approach.
    Read more about  probability
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