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What are the conventional levels of significance set by most researchers? What do these values mean...

What are the conventional levels of significance set by most researchers? What do these values mean (i.e., p values of .05 and .01)?
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Answer #1

A significance level of '0.05' is conventionally set by most researchers, although probabilities as high as '0.10' as well as .01 as lower probabilities may also be used. Probabilities greater than '0.10' are rarely used.

A significance level of '0.05' indicates that the result is extreme enough as to have a 95% probability of appearing if the null hypothesis were true. We can also say that the  significance level is the probability of rejecting the null hypothesis when it is true. A significance level of 0.05 indicates that we have 5% chance of error of concluding that a difference exists when there is no actual difference.

Please revert in case of any doubt.

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