Examlex
Describe the three key concepts (assumptions)in the study of internal control.
Type I Error
The mistake of rejecting a true null hypothesis, or in other words, concluding that a difference or effect exists when it actually does not.
Decision Rule
A pre-determined guideline or criterion used to choose between multiple alternatives in the face of uncertainty, often based on statistical analysis.
P Value
The probability of observing the given result, or more extreme, by chance if the null hypothesis is true.
Critical Value
A threshold in hypothesis testing, which when exceeded or not met determines the outcome of the test, often leading to the rejection or acceptance of the null hypothesis.
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