The mathematical expression of probability as a number between 0 and 1 is fundamental to understanding statistics. For example, research articles will include a p-value expression such as â€œsignificance less than 0.001. This means that a probability of .001 (equivalent to 1/1000) corresponds to an event so rare that it occurs an average of only once in a thousand trials.
Define and interpret the rare event rule for inferential statistics. This means that you should summarize from the text and then provide your own understanding of the rare event rule. Find an article from a peer-reviewed journal that states the p-value. What is the p-value? What does the p-value tell us? What is the author’s conclusion based on that probability? Was their finding â€œunusualâ€, if unusual is defined as p < .05? Explain.