Examlex
The current ratio is a key indicator of a company's ability to pay current liabilities.
Type I Error
The statistical error that occurs when a true null hypothesis is incorrectly rejected.
Correct Decision
A conclusion or judgement that is accurate, based on the evaluation of evidence or data.
Type II Error
Occurs in hypothesis testing when a false null hypothesis is not rejected, leading to the false conclusion that a difference or effect does not exist when it actually does.
Power
The probability that a statistical test will correctly reject a false null hypothesis; related to the capability to detect an effect if there is one.
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