Predictive Analytics in Business
The Bonferroni correction is a statistical method used to address the problem of multiple comparisons by adjusting the significance level to reduce the chances of obtaining false-positive results. This technique is particularly important when conducting various tests simultaneously, as it helps to control the overall Type I error rate. By dividing the desired significance level by the number of comparisons being made, the Bonferroni correction aims to maintain the integrity of statistical findings across different analyses.
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