In: Statistics and Probability
This week we are learning about setting a criteria for making a
decision based on the...
This week we are learning about setting a criteria for making a
decision based on the evidence that is presented. Whenever we make
a decision, there is a chance that we are wrong. Convention in
Psychology is to accept a 5% risk of being wrong. Do you think that
is too high of a risk to take? Why? What costs are there if we are
to lower the risk to 1%?