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What is the midpoint formula for calculating a percentage change?
Type I Error
The mistake of rejecting the null hypothesis when it is actually true, often termed as a "false positive" in hypothesis testing.
Probability
A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
P-value
A statistical measure that indicates the probability of obtaining the observed results of a test, assuming that the null hypothesis is true.
Test Statistic
A statistic (a quantity derived from the sample) used in statistical testing to decide whether to reject the null hypothesis.
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