A Standard That Takes into Account the Reality That Some

question 96

Short Answer

A standard that takes into account the reality that some loss usually occurs with any process under normal application of the process is known as a ________ standard.

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Definitions:

Observed Frequencies

The actual counts of occurrences for specific categories or outcomes in a data set.

Null Hypothesis

A default hypothesis that there is no significant difference or effect, intended to be contested by an alternative hypothesis.

Expected Frequency

The predicted number of times an outcome is expected to occur in a statistical experiment, based on theoretical probability distribution.

Significance Level

The threshold used in statistical testing to determine if a result is statistically significant, commonly set at 0.05, indicating a 5% risk of concluding an effect exists when it does not.