______ help in determining the probability that observed results could have occurred by chance.

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08-09-2022
Social Studies

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______ help in determining the probability that observed results could have occurred by chance.

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-09-13T06:23:50+02:00

Statistics help in determining the probability that observed results could have occurred by chance.

In order for a probability to be determined as statistically significant, an analyst must conclude that it cannot be solely attributed to chance. The analyst reaches this conclusion via statistical hypothesis testing.

With the assumption that the results are actually the result of pure chance, this test yields a p-value, which is the likelihood of seeing outcomes as extreme as those in the data. It is frequently accepted that a p-value of 5% or less indicates statistical significance.

In order to evaluate the efficacy of novel medical items, such as medications, gadgets, and vaccinations, statistical significance is frequently used. Investors can determine from currently accessible statistically significant reports how successfully the company introduces new items.

To learn more about probability here: https://brainly.com/question/11234923

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