To find the critical value in statistics, it requires a hypothesis testing. Using the critical value approach can also be helpful in this matter.
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Normally you would find the critical value when given the p value and the test statistic.
Every possible experimental outcome results in a value of the test statistic. The non-critical region is the collection of test statistic values that are associated with acceptance of the null hypothesis.
The two tailed critical value is ±1.55
The critical value for a 0.02 level of significance, denoted as α = 0.02, in a statistical test corresponds to the point on a distribution that separates the critical region (rejection region) from the non-critical region. To find the critical value, you would consult a statistical table or use a statistical calculator based on the specific test you are conducting (e.g., z-table, t-table, chi-square table). The critical value is chosen based on the desired level of significance, which represents the probability of rejecting the null hypothesis when it is actually true.
It is the value that occurs most often in a set of data.