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Normative Analysis

question 105

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Normative analysis:


Definitions:

Data Analysis

The process of inspecting, cleansing, transforming, and modeling data to discover useful information and support decision-making.

Alpha (α)

Alpha, often referred to as the significance level, is a threshold used in hypothesis testing to determine whether to reject the null hypothesis, typically set at 0.05 or 5%.

Statistical Hypothesis

A conjecture about a parameter or distribution in statistics that can be tested against observational data.

Probability

The probability of an event happening, represented by a numerical value ranging from 0 to 1.

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