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0.05 level of significance indicates that there is a 5% chance (0.05) that, under the null hypothesis, the observation could have occurred by chance. The 0.01 level indicates that there is a much smaller likelihood of the event occurring purely by chance - much stronger evidence for rejecting the null hypothesis in favour of the alternative hypothesis.

Q: Which is better a 0.05 level of significance or 0.01 level of significance?

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005 is thicker than 003

001, 002, 003, 004, 005, 010, 011, 012, 013, 014, 015, 020, 021, 022 and 023.

005 = 5

005 = 5 so the reciprocal of 005 = reciprocal of 5 = 1/5 = 0.2

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"Better" is subjective. A 0.005 level of significance refers to a statistical test in which there is only a 0.5 percent chance that a result as extreme as that observed (or more extreme) occurs by pure chance. A 0.001 level of significance is even stricter. So with the 0.001 level of significance, there is a much better chance that when you decide to reject the null hypothesis, it did deserve to be rejected. And consequently the probability that you reject the null hypothesis when it was true (Type I error) is smaller. However, all this comes at a cost. As the level of significance increases, the probability of the Type II error also increases. So, with the 0.001 level of significance, there is a greater probability that you fail to reject the null hypothesis because the evidence against it is not strong enough. So "better" then becomes a consideration of the relative costs and benefits of the consequences of the correct decisions and the two types of errors.

002+002+001=005

There are .001 ounces in .005 teaspoon.

UNIVERSAL BRANCH CODES IN SOUTH AFRICA ABSA Bank - 632 005 Bank of Athens - 410 506 Bidvest Bank - 462 005 Capitech Bank - 470 010 FNB - 254 005 Investec Private Bank - 580 105 Nedbank - 198 765 SA Post Bank (Post Office) - 460 005 Standard Bank - 051 001

This is happening to me and I'd really like to know what it means.

In terms of numerical value, 0.05 is greater than 0.01. This is because the digit 5 in 0.05 is in the hundredths place, while the digit 1 in 0.01 is in the hundredths place. In decimal numbers, the value of digits to the right of the decimal point decreases as you move from left to right, so a higher digit in the same place indicates a larger value.

001, 002, 003, 004, 005, 010, 011, 012, 013, 014, 015, 020, 021, 022 and 023.

005 is thicker than 003

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.005= .5%

005 = 5

005 = 5 so the reciprocal of 005 = reciprocal of 5 = 1/5 = 0.2