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1. Compute the alpha value
Find the alpha value before calculating the critical probability using the formula alpha value (α) = 1 - (the confidence level / 100). The confidence level represents the probability of a statistical parameter also being true for the population you measure. This value is typically represented with a percent value. For instance, a confidence level of 95% within a sample set indicates that the specific criteria has a 95% probability of being true for the entire population. critical value calculator Using a confidence level of 95%, you would complete the formula to find the alpha value:
Alpha value = 1 - (95/100) = 1 - (0.95) = 0.05. In this case, the alpha value is 0.05.
2. Calculate the critical probability
Using the alpha value from the first formula, calculate the critical probability. This will be the critical value, which you can then express as a t statistic or a Z-score. Using the previous example alpha value of 0.05, complete the formula to find the critical probability:
Critical probability (p*) = 1 - (0.05 / 2) = 1 - (0.025) = 0.975. The critical probability in this example is then 0.975, or 97.5%.
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