magnitude and test for significance
Posted by John Vidale on March 20, 2009 at 07:53:12:

Unfortunately, in dicy cases, magnitude scale does need to be specified. One can cherry pick magnitude scales, and it has been done before with misleading results.

A test to see whether a pattern is depends on two things, in my mind. One is how many patterns were surveyed - the more scrutinized, the greater the significance required. Once one goes to a predictive mode rather than surveying the past, and is considering only a single hypothesis, however, 95% significance is the general benchmark required before further consideration.

The other factor is fairly obvious - if extremely unlikely events are predicted, fewer successes are necessary before a pattern can be guessed to be significant.

Probability in simple cases can be judged by the binomial theorem, here's a site with an explanation and the calculation: http://faculty.vassar.edu/lowry/binomialX.html


Follow Ups:
     ● Re: magnitude and test for significance - Michael Tolchard  12:55:45 - 3/20/2009  (74977)  (1)
        ● Re: magnitude and test for significance - Michael Tolchard  13:00:05 - 3/20/2009  (74978)  (1)
           ● some standards - John Vidale  16:56:58 - 3/20/2009  (74980)  (0)