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What does probability level mean?
The probability level for an outcome is the probability that the outcome was at least as extreme as the one that was observed.
Which two factors determine the risk level?
Probability of the occurrence and severity of the event.
Is The probability at which the null hypothesis can be rejected with confidence is known as level of significance?
Yes.
Which is better a 005 level of significance or 001 level of significance?
"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.
What is the intersection of the assessed probability and severity of a hazard called in RM process?
Risk Level
What does probability level mean?
The probability level for an outcome is the probability that the outcome was at least as extreme as the one that was observed.
Which of these is a characteristic of a strong economy?
there are several signs:High level of output and trade.High level of effective demand.High level of income and employment.Rising interest ratesInflation.Large expansion of bank credit.Overall business optimism.the opposite of this is true for a weak or recessive economy
What are the strengths of GNP in your economy?
It basically shows how strong an economy is on average level, yet it doesn't consider all income classes but a total.
What are 5 questions you could ask a student about probability distribution?
The answer depends on the level at which the student is expected to be. A 15-year old should know the probability of getting heads on the toss of a coin but even a mathematics graduate - who did not specialise in probability - would be expected to be able to prove the mathematical relationship between the Normal distribution and the F-distribution. If asked, most student would not even know what the second part of the sentence meant.
How do you calculate expected sales?
A firm has made the following estimates of next year's sales: Probability Sales 20% R200 000 60% R240 000 20% R260 000 The firm should use an expected sales level of..................for budgeting purposes.
Would you expect strong acids or weak acids to have a lower pH level?
Strong acids would be expected to have a lower pH level compared to weak acids. Strong acids fully dissociate in water to produce a higher concentration of hydrogen ions, resulting in a more acidic solution and a lower pH.
What is the expected level in year 8?
the level expected for yr 8 is mainly level 6,7 however some kids get, this is for very gifted kids.
What are the factors influencing the level of investment in an economy?
*cost *expected return *stock of capital on hand *risk
What is an 0001 probability level?
The answer depends on the underlying distribution.
What is depressed economy?
A depressed economy can be defined as one in which economic activities of all types are operating at a lower level than is normal or expected. I believe you should look into the topic of economic depressions for greater detail, and perhaps to attach some numbers to the description.
In assessing hazard which elements make up the cross-matrix comparison to determines the risk level?
severity, exposure, and probability
What is the intersection of the assessed probability and the severity of a hazard called in the CRM process?
The intersection of the assessed probability and severity of a hazard is the Risk Level.
