Posted: May 16th, 2016

Why does the significance level differ among industries?

Why does the significance level differ among industries?
Will the null hypothesis be more likely to be rejected at ? = 0.01 than ? = 0.10?
As the significance level increases to ? = 0.10 from ? = 0.01, which Type error is more likely to occur?
What can be done to reduce the likelihood of incurring this error?

Explain the difference between the null hypothesis and the alternate hypothesis. How is the null hypothesis chosen (why is it null)?
What is the importance of rejecting the null hypothesis in relation of the sample to the population?
With a failure to reject the null hypothesis, can we make a general statement about the population based on the sample findings?