set a proper significance level

What are the Consequences of Incorrect Significance Level?

Setting an incorrect significance level can lead to several issues:
- False Positives: A higher significance level (e.g., 0.1) increases the risk of false positives, leading you to implement changes based on faulty assumptions.
- False Negatives: A lower significance level (e.g., 0.01) increases the risk of false negatives, causing you to miss out on beneficial changes.
- Resource Wastage: Incorrect decisions based on faulty significance levels can result in wasted resources and opportunity costs.

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