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Level of Significance
The predetermined threshold in hypothesis testing, below which the null hypothesis is rejected, indicating statistical significance.
Industry Standard
A set of criteria within an industry relating to the quality, safety, and performance of products and services accepted as the norm.
P-Value
The probability measure indicating the likelihood of obtaining a test statistic at least as extreme as the one that was actually observed, assuming that the null hypothesis is true.
Standard Deviation
A measure of the dispersion or variability within a set of data points, indicating how spread out the data points are from the mean.
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