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An outcome is considered efficient if
Null Hypothesis
A default statement that there is no difference or effect, used as a starting point for statistical hypothesis testing.
Probability
The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
Statistic
A numerical value calculated from a sample of data, used to estimate characteristics of the population from which it is drawn.
Critical Value
A threshold value in statistical testing which the test statistic must exceed to reject the null hypothesis.
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